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0 103 AD B 102 101 AD A 100 2 6 8 10 12 14 16 OUTPUT (Trillions of dollars) Suppose the unemployment rate is

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0 103 AD B 102 101 AD A 100 2 6 8 10 12 14 16 OUTPUT (Trillions of dollars) Suppose the unemployment rate is 5% under one of these two outcomes and 2% under the other. Based on the previous graph, you would expect outcome A > to be associated with the higher unemployment rate (5%). If aggregate demand is high in 2024, and the economy is at outcome B, the inflation rate between 2023 and 2024 is 2.94% Based on your answers to the previous questions, on the following graph use the purple point (diamond symbol) to p employment rate and 0.98% inflation rate if the economy is at point A. Next, use the green point (triangle symbol) to plot the unemployment rate tion rate if the economy is at point B. (As you place these points, dashed drop lines will automatically extend to both axes. ) Finally, use the b. 3.00% cross symbol) to draw the short-run Phillips curve for this economy in 2024. 5.00% Note: For graphing pruposes, round the inflation rate under each outcome to the nearest whole percent. For example, round 1.9% to 2.0%

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