Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Need help graphing these please !! The following table shows the levels of real GDP supplied for the country of Utopia at various price levels.

image text in transcribedimage text in transcribedimage text in transcribed

Need help graphing these please !!

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed
The following table shows the levels of real GDP supplied for the country of Utopia at various price levels. Utopia's Output at Various Price Levels Aggregate Quantity of Real GDP Supplied Price Level (billions of dollars) -I_ i_ a. Graph the aggregate supply curve. Instructions: Use the tool provided 'AS' to plot the aggregate supply curve point by point (6 points total). Aggregate Supply in Utopia 120 Tools 100 // AS 80 Price Level A a O O M O m 0 20 4D 60 80 100 120 140 160 180 \\J Real GDP (billions of dollars} Using the graphs below, show the change in aggregate supply for each of the following scenarios. a. Suppose there is a reduction in wages caused by an increase in the number of workers in the economy. Instructions: Use the tool provided 'AS1' to plot the new aggregate supply curve. Plot only the endpoints of the line (2 points total). CD Aggregate Supply Tools AS / A31 5: 0 Real GDP b. As a result of production decisions by OPEC, the price of oil increases for producers. Instructions: Use the tool provided 'AS1' to plot the new aggregate supply curve. Plot only the endpoints of the line (2 points total). CD Aggregate Supply Tools A31 Price Level O Real GDP The graph below shows the longrun aggregate supply curve for the country of Utopia. Price Level 160 140 120 100 80 60 40 20 Aggregate Supply LRAS 20 40 60 80 100 120 140 160 Real GDP (billions of dollars) Tools LRAS1 O (D The graph shows the current longrun aggregate supply at the full-employment level of output and the current aggregate demand for the United States. Use the graph provided to draw a short-run aggregate supply curve such that the short-run equilibrium point shows the US. economy in a short-run equilibrium with output at a level below the full-employment level of output. Instructions: Use the tool provided 'AS' to plot the short-run aggregate supply curve. Plot only the endpoints of the line (2 points total). AD and AS in the United States Tools LRAS / As E 3 OJ .2 6'. AD 0 Y. Real GDP The graph shows the current long-run aggregate supply at the full-employment level of output and the short-run aggregate supply curve for the United States. Use the graph provided to draw an aggregate demand curve such that the short-run equilibrium point shows the US. economy in a shortrun equilibrium with output at the fullemployment level of output. Instructions: Use the tool provided 'AD' to plot the aggregate demand curve. Plot only the endpoints ofthe line (2 points total). Then, use the tool provided 'Equllibrium' to indicate the equilibrium for the short run and the long run (plot 1 point). (O AD and AS in the United States Tools LRAS "2' / AS Equilibrium AD 3 > CD _l O.) .9 a: a Y' k;- Real GDP

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing a risk based approach to conducting a quality audit

Authors: Karla Johnstone, Audrey Gramling, Larry Rittenberg

9th edition

9781133939160, 1133939155, 1133939163, 978-1133939153

Students also viewed these Economics questions