1.16 Suppose the aggregate demand and short-run aggregate supply schedules for Utopia economy whose potential output (i.e GDP at full employment) equals $2,700 are given by the table below. State the short-run equilibrium level of real GDP and the price level. Hint: Use excel to draw aggregate demand curve, short-run supply curve, and long-rung supply curve (potential output).

Aggregate Quantity of Goods and Services Price Level Demanded Supplied 0.50 $3,500 $1,000 0.75 3,000 2,000 1.00 2,500 2,500 1.25 2,000 2,700 1.50 1,500 2,800