Assume the short run aggregate supply curve can be expressed algebraically as Y 4,800 3,000 and the dynamic aggregate demand curve can be written as Y 5,000 1,000 Find the numerical value for equilibrium output in the short run Find the numerical value for the short run inflation rate ...

The answer requires that you solve these two simultaneous equations To start ...

Assume the short-run aggregate supply curve can be expressed algebraically as Y = 4,800 + 3,000 and

Question:

Assume the short-run aggregate supply curve can be expressed algebraically as
Y = 4,800 + 3,000π
and the dynamic aggregate demand curve can be written as
Y = 5,000 – 1,000π.
Find the numerical value for equilibrium output in the short run? Find the numerical value for the short-run inflation rate?