The table below shows Purpleland's economy aggregate demand and supply schedules. Purpleland's potential GDP is $675 billion. Price level Real GDP demanded (billions of 2005 dollars) Real GDP supplied (billions of 2005 dollars) 70 825 375 80 750 450 90 675 525 100 600 600 110 525 675 120 450 750 130 375 825 140 300 900 a) Plot the aggregate demand curve, the short-run aggregate supply curve, and the long-run aggregate supply curve. (5 marks) b) What are the short-run equilibrium real GDP and price level in Purpleland? (2 marks) c) What is the long-run equilibrium real GDP? (2 marks) d) Is Purpleland's short-run macroeconomic equilibrium a full-employment equilibrium, below full-employment equilibrium, or above full-employment equilibrium? What is the recessionary gap (if any)? What is the inflationary gap (if any)? (6 marks) e) Suppose aggregate demand increases by $150 billion. Plot the new aggregate demand curve. How do real GDP and the price level change in the short run? (10 marks) f) Is Purpleland's new short-run macroeconomic equilibrium a full-employment equilibrium, below full-employment equilibrium, or above full-employment equilibrium? What is the recessionary gap (if any)? What is the inflationary gap (if any)? (4 marks)