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- Very short answer question (1) What is the behaviour of AR when MR>ARRefer to the data in the table given below. Suppose that the present equilibrium price level and level of real GDP are 100 and $280, and that data set A represents the relevant aggregate supply schedule for the economy. (A) Price Level 100 100 100 100 Real GDP 205 230 255 280 (B) Price Level 110 100 95 90 Real GDP 230 230 230 230 (C) Price Level 110 100 95 90 Real GDP 280 255 230 205 a. What must be the current amount of real output demanded at the 100 price level? Real output demanded = $ b. If the amount of output demanded declines by $25 at the 100 price level shown in A, what will be the new equilibrium real GDP? The new equilibrium level of real GDP = $ In business cycle terminology, what would economists call this change in real GDP? (Click to select)An electronics company makes communications devices for military contracts. The company just completed a large contract. The Army contract was for 6808 devices that were produced by 43 workers in three weeks. Each worker worked 40 hours per week. What was the prductivity for the ARMY contact in devices per labour hour? (State your answer rounded to two decimal places)
- Which circumstance would contribute to a relatively flat slope of the short-run aggregate supply curve?(a) An increase in investment spending on residential construction causes an increase in wages for skilled carpenters.(b) An increase in foreign tourists coming to the United States causes an increase in prices of lodging at resort destinations.(c) A high number of vacancies in a shopping mall allows retail tenants to take on larger spaces with no increase in rent.(d) An increase in consumption spending on home furnishings allows furniture stores to reduce the number of promotional discounts offered.Pls help with below homework ) Pls answer both question, only then I will upvote -)When the economy enters a recession, your employer is_ to reduce your wages because unlikely; lower wages 1) reduce productivity and morale likely; output prices 2) always fall during recession unlikely; output and 3) input prices generally fall during recession likely; aggregate 4) demand is vertical in the long run
- DVANCED ANALYSIS Assume that demand for a commodity is represented by the equation P=80−2Qd.�=80−2��.Supply is represented by the equation P=−20+2Qs,�=−20+2��,where Qd and Qs are quantity demanded and quantity supplied, respectively, and P is price.Instructions: Round your answer for price to 2 decimal places and enter your answer for quantity as a whole number. Using the equilibrium condition Qs = Qd, solve the equations to determine equilibrium price and equilibrium quantity. Equilibrium price = $ Equilibrium quantity = unitsWhen you copy a formula Excel erases the original copy of the formula O Excel edits cell references in the newly copied formula Excel adjusts absolute cell references Excel doesn't adjust relative cell references$2 S₁ S₂ 園 D D₁ Da (A) r S₁ $2 D₂ (B) St S₂ Y Y (C) (D) Which of the diagrams in Figure 26-7 shows an economic recession caused primarily by a change aggregate demand (A) (B)
- The Greek letter a represents a number that determines how much output responds to unexpected changes in the price level. In this case, assume that a = $2 billion. That is, when the actual price level exceeds the expected price level by 1, the quantity of output supplied will exceed the natural level of output by $2 billion. Suppose the natural level of output is $50 billion of real GDP and that people expect a price level of 110. On the following graph, use the purple line (diamond symbol) to plot this economy's long-run aggregate supply (LRAS) curve. Then use the orange line segments (square symbol) to plot the economy's short-run aggregate supply (AS) curve at each of the following price levels: 100, 105, 110, 115, and 120. PRICE LEVEL 125 120 115 110 105 100 95 90 85 80 75 0 10 20 ☐ 30 40 50 60 70 OUTPUT (Billions of dollars) 80 90 100 -0- AS LRAS (?) The short-run quantity of output supplied by firms will fall short of the natural level of output when the actual price level level…Demand gap equals 10%, it means that: Select one alternative: Potential GDP is 10% higher than aggregated demand GDP deflator equals 110 GDP is 10% higher than GNPQuestion 6 If a market basket was defined in 2014 and it cost $10,000 to purchase the items in that basket in 2014, while it cost $11,000 to purchase those identical goods in 2015, then the price index for 2015 is a (10000/11000)*100=90.9. b) 100. c) (11000/10000)*100=110. d) unknown given this data.