Assume the short-run aggregate supply curve can be expressed algebraically as: Y_s = 3,100 + 3,000, where Y_s is aggregate supply. And the dynamic aggregate demand curve can be written as: Y_d = 3,475 1,000, where Y_d is aggregate demand.

Find the numerical value for equilibrium output, Y, in the short run.

Instruction: Enter your response rounded to the nearest whole number.

Find the numerical value, in percent, for the short-run inflation rate, .

Instruction: Enter your response as a percent rounded to one decimal place.

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