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I Econ 201 Extra Credit ~SRAS 'AD Real GDP (millions) 1. Use the graph below to answer the following: a. How large is the output gap? What type of gap is this? b. [Ifthe MPSis 0.25, find the spending multiplier. 4 c. If prices were completely fixed, how much spending would be necessary to return the economy to full employment? d. Find the short run equilibrium real GDP and equilibrium price level if we increase aggregate demand by the amount from (c). e. Find the change in spending necessary to return the economy to full employment with increasing prices. f. Find the short run equilibrium real GDP and equilibrium price level if we increase aggregate demand by the amount from (e)