Question
Can you please explain to me this exercise The following table contains data on aggregate demand and aggregate supply for a hypothetical economy ($mil). Price
Can you please explain to me this exercise
The following table contains data on aggregate demand and aggregate supply for a hypothetical economy ($mil).
Price level Real GDP demanded Real GDP supplied
75 440 360
80 430 370
100 400 400
120 380 420
150 360 440
Assume that the potential Real GDP is equal to 500 $million, Calculate the recessionary gap.
Hint: The answer is a number.Do not put the unit.
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The Economy Of Cities
Authors: Jane Jacobs
1st Edition
039470584X, 9780394705842
