ECONOMIC LONGRUN PART BATS Use the graph provided to answer the questions about LONG-RUN ECONOMIC CONTRACTION. Then apply what you've learned to answer the questions below and explain how long-run contraction affects ECONOMIC CONDITIONS. AGGREGATE ECONOMY OF KUWAIT P What has happened to Kuwait's LRAS? LRAS CAPACITY TO PRODUCE in the long-run? AS2 AS By how much did Kuwait's economy contract in the long-run? What happened to the price level in Kuwait in the long-run? PI What is Kuwait's UNEMPLOYMENT RATE at LRAS2? Explain. AD $600 $750 GDPR (Billions) What has happened to CONSUMPTION levels in Kuwait in the long-run? Explain, What has happened to the STANDARD OF LIVING in Kuwait in the long-run? Explain. Explain how an change in LRAS to $600 billion of Real GDP is different from a short-run decrease in Real GDP output to $600 billion