Question
The following table shows the levels of real GDP supplied for the country of Utopia at various price levels. Utopia's Output at Various Price Levels
The following table shows the levels of real GDP supplied for the country of Utopia at various price levels.
Utopia's Output at Various Price Levels
Price Level Aggregate Quantity of Real GDP Supplied (billions of dollars) 100 $160 90 140 80 120 70 100 60 80 50 60
a. Graph the aggregate supply curve.
Instructions: Use the tool provided "AS" to plot the aggregate supply curve point by point (6 points total).
b. If the price level rises from 60 to 80, the quantity of real GDP supplied will ............... by $ .............. billion.
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