1. On the first graph, using the data from your quarter of birth in 2019, construct an AD&SRAS&LRAS diagram showing the Short Run Equilibrium on your birthday in 2019. MY BIRTHDAY QUARTER IS Q1 (FEB 8)

Label the value for Potential GDP (Y) along the horizontal axis. Add the quarter to the label on the LAS curve.

Add the value for actual real GDP (yA) in the correct position relative to the value of potential GDP (yp). The horizontal axis is a number line. Place the value for real GDP either to the left or to the right of the value for potential GDP.

Add the value for the GDP deflator near the middle of the vertical axis.

Locate the (YA, P) pair you just mapped on the Graphing Template. Draw dotted lines from the horizontal and vertical axis to this point.

observation_date 2019-01-01 2019-04-01 2019-07-01 2019-10-01 2020-01-01 2020-04-01 2020-07-01 2020-10-01 2021-01-01 2021-04-01 2021-07-01 2021-10-01 2022-01-01 GDPC1 GDPPOT NROU GDPDEF UNRATE 20,500 20,000 19,500 19,000 18,500 18,000 17,500 17,000 GDPPOT 18955 19045 19135 19226 19314 19400 19477 19559 g 19644 19733 19823 19914 20005 GDPC1 18833 18983 19113 19202 18952 17258 18561 18768 19056 19368 19479 19806 19728 9 Output Gap 2020-04 Real Gross Domestic Product, Billions of Chained 2012 Dollars, Quarterly, Seasonally Adjusted Annual Rate Real Potential Gross Domestic Product, Billions of Chained 2012 Dollars, Quarterly, Not Seasonally Adjusted Noncyclical Rate of Unemployment, Percent, Quarterly, Not Seasonally Adjusted Gross Domestic Product: Implicit Price Deflator, Index 2012-100, Quarterly, Seasonally Adjusted Unemployment Rate, Percent, Monthly, Seasonally Adjusted S NROU 4.56 4.55 Date 4.54 4.52 4.51 4.50 9 4.49 4.48 4.47 4.46 4.46 4.45 4.45 GDPPOT GDPC1 6 GDPDEF 111.51 112.15 112.52 112.98 113.35 112.86 113.89 114.44 115.65 117.41 119.12 121.19 123.62 9 observation_date UNRATE 2019-01-01 2019-02-01 2019-03-01 2019-04-01 2019-05-01 2019-06-01 2019-07-01 2019-08-01 2019-09-01 2019-10-01 2019-11-01 2019-12-01 2020-01-01 2020-02-01 2020-03-01 2020-04-01 2020-05-01 2020-06-01 2020-07-01 2020-08-01 2020-09-01 2020-10-01 2020-11-01 2020-12-01 2021-01-01 2021-02-01 2021-03-01 2021-04-01 2021-05-01 2021-06-01 2021-07-01 2021-08-01 2021-09-01 2021-10-01 2021-11-01 2021-12-01 2022-01-01 2022-02-01 2022-03-01 2022-04-01 2022-05-01 4.0 3.8 3.8 3.6 3.6 3.6 3.7 3.7 3.5 3.6 3.6 3.6 3.5 3.5 4.4 14.7 13.2 11.0 10.2 8.4 7.9 6.9 6.7 6.7 6.4 6.2 6.0 6.0 5.8 5.9 5.4 5.2 4.7 4.6 4.2 3.9 4.0 3.8 3.6 3.6 3.6 observation_date 2019-01-01 2019-04-01 2019-07-01 2019-10-01 2020-01-01 2020-04-01 2020-07-01 2020-10-01 2021-01-01 2021-04-01 2021-07-01 2021-10-01 2022-01-01 GDPC1 GDPPOT NROU GDPDEF UNRATE 20,500 20,000 19,500 19,000 18,500 18,000 17,500 17,000 GDPPOT 18955 19045 19135 19226 19314 19400 19477 19559 g 19644 19733 19823 19914 20005 GDPC1 18833 18983 19113 19202 18952 17258 18561 18768 19056 19368 19479 19806 19728 9 Output Gap 2020-04 Real Gross Domestic Product, Billions of Chained 2012 Dollars, Quarterly, Seasonally Adjusted Annual Rate Real Potential Gross Domestic Product, Billions of Chained 2012 Dollars, Quarterly, Not Seasonally Adjusted Noncyclical Rate of Unemployment, Percent, Quarterly, Not Seasonally Adjusted Gross Domestic Product: Implicit Price Deflator, Index 2012-100, Quarterly, Seasonally Adjusted Unemployment Rate, Percent, Monthly, Seasonally Adjusted S NROU 4.56 4.55 Date 4.54 4.52 4.51 4.50 9 4.49 4.48 4.47 4.46 4.46 4.45 4.45 GDPPOT GDPC1 6 GDPDEF 111.51 112.15 112.52 112.98 113.35 112.86 113.89 114.44 115.65 117.41 119.12 121.19 123.62 9 observation_date UNRATE 2019-01-01 2019-02-01 2019-03-01 2019-04-01 2019-05-01 2019-06-01 2019-07-01 2019-08-01 2019-09-01 2019-10-01 2019-11-01 2019-12-01 2020-01-01 2020-02-01 2020-03-01 2020-04-01 2020-05-01 2020-06-01 2020-07-01 2020-08-01 2020-09-01 2020-10-01 2020-11-01 2020-12-01 2021-01-01 2021-02-01 2021-03-01 2021-04-01 2021-05-01 2021-06-01 2021-07-01 2021-08-01 2021-09-01 2021-10-01 2021-11-01 2021-12-01 2022-01-01 2022-02-01 2022-03-01 2022-04-01 2022-05-01 4.0 3.8 3.8 3.6 3.6 3.6 3.7 3.7 3.5 3.6 3.6 3.6 3.5 3.5 4.4 14.7 13.2 11.0 10.2 8.4 7.9 6.9 6.7 6.7 6.4 6.2 6.0 6.0 5.8 5.9 5.4 5.2 4.7 4.6 4.2 3.9 4.0 3.8 3.6 3.6 3.6