Content *Course Hero X + X C learn.senecacollege.ca/ultra/courses/_656004_1/cl/outline 0 9 : Gmail YouTube Maps Remaining Time: 29 minutes, 20 seconds. Less than half of the time remains. X Question Completion Status: 109 209 309 409 509 609 70 8 90 109 110 120 130 140 150 160 170 180 190 20 2109 2209 239 249 250 2609 27 28 .> A Moving to another question will save this response. > 18 Question 26 10 points Saving Answer Suppose the aggregate demand and short-run aggregate supply schedules for a hypothetical economy are as shown below: (10 marks) Amount of real domestic Price level (price Amount of real domestic output demanded, billions index) output supplied, billions $60 115 $300 120 110 240 180 105 180 240 100 120 300 95 60 a) What will be the equilibrium price and real output level in this hypothetical economy? Is this level of real GDP also the full-employment level of output? Explain. (b) Why won't a price level of 100 be the equilibrium price level? Why won't a price level of 110 index be the equilibrium price level? c) Suppose aggregate demand increases by $120 billion at each price level. What will be the new equilibrium price and output levels? X 'd) What factors might cause aggregate demand to increase? (e) Suppose short-run aggregate supply increases by $120 billion at each price level. What will be the new equilibrium price and output levels? Type your answers to all parts in the box area below. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph Arial 10pt EV EV A v . . EE X X2 SIT The - + ABC v V TT ( :} O + Priv Ter 8.C ENG 11:00 PM Mostly clear US 2022-04-21 11