AD-AS and Phillip Curve Model, Money Market and BankingSystem

1. Graphically illustrate an economy in the long run equilibrium,producing at the full employment level of production. Indicate theequilibrium Price level (P*) and the level of real GDP (Y*)
2. Graphically illustrate an economy in the short run equilibriumproducing at a below full employment level of production. Indicatethe equilibrium Price level (P*) and the level of real GDP (Y*) andshow the amount of the recessionary gap.
3. Graphically illustrate an economy in the short run equilibriumproducing an above full employment level of production. Indicatethe equilibrium Price level (P*) and the level of real GDP (Y*) andshow the amount of the recessionary gap.