Question
The following table shows the aggregate demand and aggregate supply schedules for the economy of Saint Andrews Aggregate Quantity Demanded Price Index Aggregate Quantity Supplied
The following table shows the aggregate demand and aggregate supply schedules for the economy of Saint Andrews
| Aggregate Quantity Demanded | Price Index | Aggregate Quantity Supplied |
| $200 | 80 | $110 |
| 180 | 90 | 120 |
| 160 | 100 | 130 |
| 140 | 110 | 140 |
| 120 | 120 | 150 |
| 100 | 130 | 160 |
a) What are the equilibrium values of price and Real GDP? b) If the price level were 100, would there be a surplus or a shortage? How much? Explain how the economy will revert back to equilibrium.
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Auditing Principles A Systems Based Approach
Authors: Howard F. Stettler
5th Edition
0130517224, 9780130517227
