Question $30(6$ points$)$

$4.$ Suppose the following two events happen at the same time. First, the price of crude oil, an important input to production, falls sharply. Second, the stock market booms. Using the AD$/$SRAS curves, analyze the combined effect of the two events on GDP and the price level. Don't think about any long$-$run effect. Be sure to indicate in which direction $($to the right or left$)$ AD and$/$or SRAS curves shift.