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3. Suppose that all firms get to flexibly set prices each year, that is assume that S = 1. Derive the AS curve under this

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3. Suppose that all firms get to flexibly set prices each year, that is assume that S = 1. Derive the AS curve under this assumption, draw it, and provide and intuitive explanation for its shape. 4. Suppose that all firms have sticky prices, that is assume that S = 0. Derive the AS curve under this assumption, draw it, and provide and intuitive explanation for its shape

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