Draw a 45-line diagram showing an equilibrium in the goods market. Label the equilibrium level of real GDP, Y1 . Now show on your graph
Draw a 45°-line diagram showing an equilibrium in the goods market. Label the equilibrium level of real GDP, Y1
. Now show on your graph the situation when real GDP is equal to Y2
, where Y2 is greater than Y1
, and the situation when real GDP is equal to Y3
, where Y3 is less than Y2
. Be sure that your graph shows the level of aggregate expenditure and the level of unintended changes in inventories at Y1
, Y2
, and Y3
.
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Authors: R Glenn Hubbard ,Anthony Patrick O'Brien
1st Edition
013255352X, 978-0132553520
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