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Illustrate graphically in AD/AS diagram the following phenomena. Mark clearly in which direction the variables are moving / or the curves are shifting. Note: Each

Illustrate graphically in AD/AS diagram the following phenomena. Mark clearly in which direction the variables are moving / or the curves are shifting. Note: Each scenario is independent of each other.

a.The economy is at its long run equilibrium. Show the

effects of a contractionary fiscal policy.

b.The economy is at is long run equilibrium. Show the

effects of decline in input prices.

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