Can you please answer Graph B. Thank you! Graph AASAS2ADAggregate output (income), YGraph BASADYoAggregate output (income). YPrice level, PPrice level, P Use graph A on the right to determine what happens to the equilibrium values of the price level andaggregate output when there is an increase in the price of oil with no change in government spending.1.) Using either the 3-point curved line drawing tool to shift the AS curve or using the line drawing tool toshift the AD curve, illustrate the impact of the increase in the price of oil. Properly label your curve.2.) Using the point drawing tool, identify the economy's new equilibrium point.Carefully follow the instructions above and only draw the required objects.According to the graph, the economy's equilibrium price level will increase and its equilibrium outputlevel will decreaseUse graph B on the right to determine what happens to the equilibrium values of the price level andaggregate output when there is a decrease in wage rates with an increase in government spending.1.) Using the 3-point curved line drawing tool, ilustrate the impact of the decrease in wage rates. Labelyour curve 'AS,.2.) Using the line drawing tool, illustrate the impact of the increase in government spending. Label yourcurve 'AD,.3.) Using the point drawing tool, identify the economy's new equilibrium point.Carefully follow the instructions above and only draw the required objects.

Aggregate demand is the sum total of demand of all final goods and services produced in an economy,…

Use graph B on the right to determine what happens to the equilibrium values of the price level and aggregate output when there is a decrease in wage rates with an increase in government spending. 1.) Using the 3-point curved line drawing tool, illustrate the impact of the decrease in wage rates. Label your curve 'AS;. 2.) Using the line drawing tool, illustrate the impact of the increase in government spending. Label your curve 'AD,. 3.) Using the point drawing tool, identify the economy's new equilibrium point.

Use graph B on the right to determine what happens to the equilibrium values of the price level and aggregate output when there is a decrease in wage rates with an increase in government spending. 1.) Using the 3-point curved line drawing tool, illustrate the impact of the decrease in wage rates. Label your curve 'AS;. 2.) Using the line drawing tool, illustrate the impact of the increase in government spending. Label your curve 'AD,. 3.) Using the point drawing tool, identify the economy's new equilibrium point.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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