12 (10 points) Consider an economy described by the following short-run aggregate demand, aggregate supply and long-run aggregate supply curve:" (short-run aggregate demand curve) P = 200 - Y (short-run aggregate supply curve) P = 20 + Y- (long-run aggregate supply curve) Y *= 90- where P = Price Level (price index with base period's index = 100) and Y = Quantity of Output (1) (2 points) Find equilibrium price level (P*) and output level (Y*): P*= Y* = (2) (2 points) Suppose there is an oil crisis caused by OPEC and all firms costs are increased. The new short-run aggregate supply curve becomes: P= 30 + Y Find new equilibrium price (P*#) and output level (Y*"):oping 2022 Macro Final Exam (June 14 2022) - Word Acrobat 3 - price () and output level ( ): (3) (4 points) The following statement describes new equilibrium in (2): Fill in the parenthesis with appropriate keywords from keywords below: The output of the economy falls from Y* to Y** falling output experiencing . And the price level rises from P* to P** experiencing (b) such an event is called (c) _. According to the (d) theory, the key issue is how nominal wages are affected by price changes.~ Key words: (1) full employment (2) stagflation (3) inflation (4) deflation (5) unemployment (6)wage-price spiral (7) sticky-wage (8) sticky-price (9) misperception (10) depression (4) (2 points) After the oil crisis by OPEC, what happens to long-run new equilibrium price (P***) and output level (Y"*"). Find Numerical solutions of p* = and