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P = 600 0.5Y P = P_1 + 0.5(Y Y*) where Y is real income, Y* is full-employment income, and P_1 is the price level in the previous period. The economy is originally in long-run equilibrium * i.e, real income is equal to full employment income in period 0 and P_1 = 100. 1. What is the value of Y* in this economy? What is the initial equilibrium value of P*? 2. Suppose that in period 1 there is a permanent increase in aggregate demand, and the expression for AD becomes P = 800 0.5Y. What are the short-run equilibrium values of Y and P in period 1? 3. Explain what happens to the AS curve in period 2. What are the short-run equilibrium values of Y and P in period 2? 4. Explain what happens to the AS curve in subsequent periods. What will be the new long-run equilibrium values of Y and P