Please help with the question to include the graphs. Thank you for your help.
X edu/CMCPortal/ X Bb Unit 8 - ECO201_33_Macroecon MindTap - Cengage Learning + https:/g.cengage.com/staticb/ui/evo/index.html?deploymentid-567367233400224842947262780&elSBN=9781337096607&id=11642833098s CENGAGE | MINDTAP Homework (Ch 22) In the year 2023, aggregate demand and aggregate supply in the fictional country of Demet are represented by the curves AD2023 and AS on the following graph. dy Tools Suppose the natural level of output in this economy is $6 trillion. On the following graph, use the green line (triangle symbol) to plot the long-run aggregate supply (LRAS) curve for this economy. s Tips s Tips 108 A 107 LRAS AS 106 B 105 Outcome C 104 PRICE LEVEL AD 2023 103 ADB 102 ADA 101 100 0 6 12 14 16 OUTPUT (Trillions of dollars) ype here to search O Hi metal/ X Bb Unit 8 - ECO201_33_MacroeconomicTap - Cengage Learning X https:/g.cengage.com/staticb/ui/evo/index.html?deploymentld=567367233400224842947262780&elSBN-9781337096607&id=11642833098snapshotld=23 CENGAGE | MINDTAP Homework (Ch 22) OUTPUT (Inilions of dollars) Economists have forecast that if the government does nothing and the economy continues to grow at the current rate, aggregate demand in 2024 will be given by the AD A curve, resulting in the outcome illustrated by point A. If the government pursues an expansionary policy, aggregate demand in 2024 will be given by the ADB curve, resulting in the outcome illustrated by point B. The following table gives projections for the unemployment rates that would occur at point A and point B. Consider what the rate of inflation would be between 2023 and 2024, depending on whether the economy moves from the initial price level of 102 to the price level at outcome A or the price level at outcome B. Complete the table by entering the inflation rate at each potential outcome point. Note: Calculate the inflation rate to two decimal points of precision. Unemployment Rate Inflation Rate A 7% 5% Based on your answers to the preceding parts, use the black line (plus symbol) to draw the short-run Phillips curve (SRPC) for this economy in 2024. (Note: You will not be graded on any changes you make to this graph.) search O eal/s x Bb Unit 8 - ECO201_33_Macroecon MindTap - Cengage Learning x + tips:/g.cengage.com/staticb/ui/evo/index.html?deploymentld=5673672334002248429472627808elSBN-9781337096607&id=1164283309&snapsh CENGAGE | MINDTAP Homework (Ch 22) Based on your answers to the preceding parts, use the black line (plus symbol) to draw the short-run Phillips curve (SRPC) for this economy in 2024. (Note: You will not be graded on any changes you make to this graph.) SRPC A LRPC INFLATION RATE (Percent) w N 5 UNEMPLOYMENT RATE (Percent) search Hi meMCPortal/ X Bb Unit 8 - ECO201_33_MacroeconomicTap - Cengage Learning X + https:/g.cengage.com/staticb/ui/evo/index.html?deploymentid=567367233400224842947262780&elSBN=9781337096607&id-11642833098 CENGAGE |MINDTAP Homework (Ch 22) The short-run Phillips curve is line: At the natural rate of unemployment At the natural level of output Representing the tradeoff between unemployment and inflation Now consider the long-run effects of this policy. Suppose, in particular, that following implementation of the policy, the aggregate demand curve remains at ADB. Designate the long-run equilibrium that would follow such a policy as outcome C. Going back to the first graph, place the grey point (star symbol) at outcome C. Because output at point C is the natural level of output, the unemployment rate associated with outcome C is the natural rate of unemployment. Finally, use the green line (triangle symbol) to draw the long-run Phillips curve (LRPC) on the second graph. This line is line: At the natural level of output O At the natural rate of unemployment Representing the tradeoff between unemployment and inflation Grade It Now Save & Continue Continue without saving ere to search O
