Question
Please explain to me how to do this following exercise: The following table contains data on aggregate demand and aggregate supply for a hypothetical economy
Please explain to me how to do this following exercise:
The following table contains data on aggregate demand and aggregate supply for a hypothetical economy ($mil).
Price Level Real GDP demanded Real GDP supplied
75 440 360
80 430 370
100 400 400
120 380 420
150 360 440
What are the equilibrium output (RGDP)?
Hint: The answer is a number
Also I would like to know the difference and the meaning of a Long run situation and a short run situation
And last question whats the concept of the - Equilibrium Output and the Price Lvl-
Thank you
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