Suppose that the economy is initially in long-run equilibrium with the price level of 800 (Red AD and SRAS curves). Now suppose that consumers become optimistic. 1200% 1100- 1000 900 800 700- 600 500 400- Price Level - 300- 200- 100 100 200 300 400 500 600 700 800 900 1000 1100 120 Real GDP 1. As a result of this event what is the new short-run price level? 2. As a result of this event, what is the new short-run GDP? 3. As a result of this event, what is the new long-run price level? 4. As a result of this event, what is the new long-run GDP