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5+5-10 O B6. (a) After an election in 2013, newly elected president of Iran reduced the price of oil. Iran is one of the top

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5+5-10 O B6. (a) After an election in 2013, newly elected president of Iran reduced the price of oil. Iran is one of the top five leading oil countries. Using the AS/AD framework, identify the shock and determine the overall impact of the decision on inflation and the output gap for Australia in the next subsequent periods. (b) Japan is a major trading partner of Australia. Due to recent COVID 19 disease outbreak, Japanese economy was severely impacted. Using the AS/AD framework, identify the shock and determine the overall impact of the decision on inflation and the output gap for Australia in the next subsequent periods. 5+5-10 Q B7. (a) See the figure below -60 1.50

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