The economy of Neverland has the AD and AS schedules shown in the accompanying table. Denote YAD as the level of real Price Level YAD YAS GDP along the AD curve; let Yas be the level of real GDP along the AS curve. GDP is shown in billions of 2002 dollars. 90 1200 750 100 1100 875 a. Plot the AD and AS curves on a scale diagram. 110 1000 1000 120 900 1125 1.) Use the multipoint curve drawing tool to draw the AD curve. Label this curve AD. 130 800 1250 140 700 1375 2.) Use the multipoint curve drawing tool to draw the AS curve. Label this curve AS. Carefully follow the instructions above, and only draw the required objects. Economy of Neverland 160- b. What is the price level and level of real GDP in Neverland's macroeconomic equilibrium? In Neverland's macroeconomic equilibrium, the price level is and the level of real GDP is $ billion. (Enter your responses rounded to the nearest whole number.) 140- c. Suppose that the price level in Neverland is 130. At this price level, what amount of total output are firms willing to supply? What is desired expenditure? Describe this disequilibrium. Price Level 120- At this price level, firms are willing to supply $ billion worth of output (in 2002 dollars). Desired expenditure is $ billion (in 2002 dollars). There is (Enter your responses rounded to the nearest whole number.) 100- d. Suppose the price level in Neverland is 100. At this price level, what amount of total output are firms willing to supply? What is desired expenditure? Describe this disequilibrium. At this price level, firms are willing to supply $ billion worth of output (in 2002 dollars). Desired expenditure is $ billion (in 600 700 800 900 1000 1100 1200 1300 1400 1500 2002 dollars). There is Real GDP (billions of 2002 dollars) (Enter your responses rounded to the nearest whole number.) e. Now suppose the price and output are at the equilibrium levels determined in part (b), but the level of potential output for Neverland is $850 billion. What do we call such an output gap? This is called gap