(a) Identify the point of equilibrium for this economy.(2marks)

(b) What would happen to the equilibrium you identified in Part (a) if consumption levels in this economy increased? Explain your answer.(4marks)

(c) What would happen to the equilibrium you identified in Part (a) if there is an increase in wages? Explain your answer.(4marks)

Course: ECOM4000 E X Assessment 4 - Indivi X ECOM4000 Economic X ECOM4000 Economic X ECOM4000 Economic X ECOM4000 Economic X Homework Help - Q& X + C 0 ^ elearning.kbs.edu.au/mod/quiz/attempt.php?attempt=90698&cmid=258308&page=7 Update KAPLAN BUSINESS SCHOOL Lan huong To AUSTRALIA MyKBS Campuses My Services Academic My Subjects Q Home > My Subjects > ECOM4000 T1 2021 > Assessment 4 - Individual Test Question 8 Not yet answered Marked out of 10.00 P Flag question Quiz navigation Consider the following aggregate demand, aggregate supply (AD/AS) model. 2 3 4 5 6 7 8 9 130 - LAS 120- Finish attempt ... 110- Time left 1:08:20 100- 90 = 80 - X 0.8 0.9 1.0 1.1 1.2 1.3 GDP (a) Identify the point of equilibrium for this economy. (2 marks) (b) What would happen to the equilibrium you identified in Part (a) if consumption levels in this economy increased? Explain your answer. (4 marks) (c) What would happen to the equilibrium you identified in Part (a) if there is an increase in wages? Explain your answer. (4 marks) A v B I FOR