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please draw both graphs and answer the bottom question 3. Problems and Applications Q3 Suppose that a fall in consumer spending causes a recession On
please draw both graphs and answer the bottom question
3. Problems and Applications Q3 Suppose that a fall in consumer spending causes a recession On the following graph, shift one or both curves to reflect the short-run effect of the fall in consumer spending. (2 Aggregate oply Aggregate Demand Aggregate Supply Apple Demand Price Level Quantity of Output N-Z On the following graph, shift a curve or adjust the point to reflect the short-run effect of the fall in consumer spending LRPC SRPC O Short-Run Outcome LAPC Inflation Rate SRPC SRPC Unemployment Rate In the short nun, inflation and unemployment Now suppose that over time, expected inflation changes in the same direction that actual inflation changes. On both of the preceding graphs, shift the appropriate curve or curves to reflect the change that brings the economy to its long-run state After the recession is over, the economy faces a set of inflation-unemployment combinations. Grade It Now Save & Continue Continue without saving Step by Step Solution
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