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Below is the AS/AD model for the hypothetical economy of Happiness . Happiness has a macroeconomic equilibrium as presented in the unage, -MET - m - ID X 25 390 REAL GDP Below is the AS/AD model for the hypothetical economy of Happiness. Happiness has a macroeconomic equilibrium as presented in the image. a. Assuming the original AD1. the equilibrium value for the price level is and equilibrium real GOP is $_ b. There is an output gap called a _cap, equal to $ Suppose that aggregate demand in Happiness decreased by 50. c. What is the new equilibrium value for the price level? What is the new equilibrium real GDP?_ Is there still an output gap? If so, what is it called? What size is this new gap? d. Which of the following events could have caused the decrease in aggregate demand that you saw in part b above? Put an " in the box beside each of the following events if you think it could have caused the increase in AD. increased exports lower taxes higher interest rates lower government spending a. Assuming the original AD1, the equilibrium value for the price level is b. There is an output gap called a gap, equal to \\$ Suppose that aggregate demand in Happiness decreased by 50 . c. What is the new equilibrium value for the price level: Is there still an output gap? If so, what is it called What is the new equilibrium real GDP? What size is this new gap? d. Which of the following events could have caused the decrease in aggregate demand that you saw in partSuppose that, following the change in (b). there is now and increase in aggregate supply by $150. h. The equilibrium value for the price level is now and equilibrium real GDP is now $_ i. Is there an output gap now? If so, what kind? What is the size of the gap?. ise the colfor to format your orlower Suppose that, following the change in (b), there is now and increase in aggregate supply by $150 . h. The equilibrium value for the price level is now and equilibrium real GDP is now i. Is there an output gap now? If so, what kind? What is the size of the gap? fo. all A . BI U U1 . [ Use the editor to format your