1.16 Suppose the aggregate demand and short-run aggregate supplyr schedules for Utopia economy whose potential output (i.e GDP at full employment] equals $2,200 are given by the table below. State the shortrun equilibrium level of real GDP and the price level. Hint: Use excel to draw aggregate demand curve; short run supply curve; and longrung supplyr curve (potential output}. Aggregate Quantity of Goods and Services Price Level Demanded 0.50 0.75 1.00 1.25 1.50 $3,500 3,000 2,500 2,000 1,500 Price level 0.8; real GDP 2100 Price level 1; real GDP 2000 Price level 0.8; real GDP 2500 Price level 0.9; real GDP 2250 Supplied $1,000 2,000 2,500 2,700 2,800