Question
U.S. economy Plot the graphs for the following: Consumer market: using 500 lbs. for Q and $500 for P as point A (equilibrium). Labor market:
U.S. economy
Plot the graphs for the following:
Consumer market: using 500 lbs. for Q and $500 for P as point A (equilibrium).
Labor market: using 5 laborers and $5.00 for wage as point A (equilibrium).
Government market: using 50 jets for Q and $5 billion for P as point A (equilibrium).
AD/AS graph: using 19.1 trillion for RGDP and 1.9% for inflation as point A (equilibrium).
1)How will our AD/AS graph look like when Americans' incomes increase thereby increasing quantity of goods in the consumer market?
2)How will our AD/AS graph look like when sales taxes increases in the consumer market?
3)How will our AD/AS graph look like when U.S. government buys less jets in the government market?
4)How will our AD/AS graph look like when Congress implements an income tax hike in the labor market?
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