W W 2. The text of Chapter 23 has a lot of information about the aggregate supply and aggregate demand model. You must have reference to this model to answer this question. In the Data file disc03.xlsx there is a tab Data2 with "Real Disposable Personal Income Per Capita". This is a measure of income in the economy. It is expressed monthly as an annual figure, so the estimate for May 21 of $48,520 means that the average person in the US had an annual income of that amount in May 21. The pandemic "hit" our country in March of 2020. a. The income measure changed between March and April of 2020. Describe the change. There are cells highlighted in yellow in the data. Why do you observe this type of change in the measure of personal disposable income? b. The biggest percentage change in personal income was in what month in 2021. Describe that change in words and tell what you think may have caused that change. April and May of 2021 saw negative growth in this income measure. Do you think there is an economic cause for this observation or do you think it is simply a trending number influenced by an unnaturally large March number'? Explain. d. Starting in March of 2020 some things were at work to increase aggregate demand and some things were at work to decrease aggregate demand. Namo two or more things that were working to increase aggregate demand between March 2020 and today and when "roughly" they took place. B C D E G H ORT 2021 2020 2020 2020 2020 2019 12 13 14 observation date Year 15 2021-01-01 16 2020-10-01 17 2020-07-01 18 2020-04-01 2020-01-01 20 2019-10-01 21 2019-07-01 22 2019-04-01 23 2019-01-01 24 2018-10-01 25 2018-07-01 26 2018-04-01 27 2018-01-01 28 2017-10-01 29 2017-07-01 30 2017-04-01 31 2017-01-01 32 2016-10-01 33 2016-07-01 34 2016-04-01 35 2016-01-01 36 2015-10-01 37 2015-07-01 38 2015-04-01 39 2015-01-01 2014-10-01 41 2014-07-01 42 2014-04-01 43 2014-01-01 44 2013-10-01 45 2013-07-01 46 2013-04-01 47 2013-01-01 48 2012-10-01 49 2012-07-01 50 2012-04-01 2019 2019 2019 2018 2018 2018 2018 2017 2017 2017 2017 2016 2016 2016 2016 2015 2015 2015 2015 2014 2014 2014 2014 2013 2013 2013 2013 2012 2012 2012 NetWorth CPI RNet Worth 1 129449135 259.421 49899186.523 4 124559982 256.472 48566698.119 3 116772765 258.500 45173216.634 2 112644891 257.860 43684571.711 1 104590472 256.192 40825087.467 4 111039602 255.373 43481283.089 3 107519069 253.186 42466491.257 2 106801976 252.738 42257980.992 1 104706749 251.754 41590842.793 4 99150087 250.738 39543355.539 3 102781698 249.179 41248082.907 2 100904418 247.257 40809529.356 1 99609990 245.345 40599912.233 4 98534756 244.187 40352171.082 3 96053404 243.753 39406093.609 2 94277140 242.135 38935829.098 1 92711890 240.607 38532445.672 4 90303342 239.590 37690728.480 3 89706645 237.689 37741131.982 2 88063734 237.837 37026927.686 1 86723073 237.855 36460479.284 4 85536311 236.960 36097362.846 3 84022867 235.355 35700480.976 2 84988612 236.888 35877077.948 1 84480991 237.478 35574188.944 4 82761529 236.872 34939297.399 3 81035009 235.621 34392099.601 2 80513682 234.163 34383654.383 1 78683833 233.300 33726460.780 4 76995136 232.045 33181122.627 3 75075056 232.299 32318239.972 2 72699477 231.369 31421397.102 1 71706182 229.841 31198168.299 4 68941733 228.808 30130822.786 3 68044772 228.326 29801587.204 2 66188489 227.047 29151846.017 Y2YChRNot Worth 22.23% 11.70% 6.37% 3.38% -1.84% 9.96% 2.95% 3.55% 2.44% -2.00% 4.67% 4.81% 5.37% 7.06% 4.41% 5.16% 5.68% 4,41% 5.72% 3.20% 2.49% 3.31% 3.80% 4.34% 5.48% 5.30% 6.42% 9.43% 8.10% 10.12% 8.44% 7.79% 6.53% 5.24% 4.86% -1.14% 40 DLL Data1 Data2 Data3 50 52 52 53 54 55 56 57 5B 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 BI 82 83 84 85 86 87 88 ZUTAT 2012-04-01 2012-01-01 2011-10-01 2011-07-01 2011-04-01 2011-01-01 2010-10-01 2010-07-01 2010-04-01 2010-01-01 2009-10-01 2009-07-01 2009-04-01 2009-01-01 2008-10-01 2008-07-01 2008-04-01 2008-01-01 2007-10-01 2007-07-01 2007-04-01 2007-01-01 2006-10-01 2006-07-01 2006-04-01 2006-01-01 2005-10-01 2005-07-01 2005-04-01 2005-01-01 2004-10-01 2004-07-01 2004-04-01 2004-01-01 2003-10-01 2003-07-01 2003-04-01 2003-01-01 2002-10-01 ZUZE 2012 2012 2011 2011 2011 2011 2010 2010 2010 2010 2009 2009 2009 2009 2008 2008 2008 2008 2007 2007 2007 2007 2006 2006 2006 2006 2005 2005 2005 2005 2004 2004 2004 2004 2003 2003 2003 2003 2002 2 1 4 3 2 1 4 3 2 1 4 3 2 1 4 3 2 1 4 3 2 1 4 3 2 1 4 3 2 1 4 3 2 1 4 3 2 1 4 VUUTE 66188489 66193770 64298054 63106935 64786019 64387169 63364906 61902057 59933791 60507858 59362216 59113844 57517221 56808729 57999490 60849442 63055651 64319641 66072873 66679205 65892017 65431400 64416044 63044446 61966791 61933155 60286380 58796320 57281943 55821079 55025021 52810369 51597144 50952532 48516937 46628926 45778782 43941245 43771845 ZEZUZEU 227.047 226.033 224.568 222.044 219.699 217.934 217.297 217.374 217.030 215.344 213.507 212.378 213.849 218.861 215.538 212.770 210.490 207.939 206.631 204.317 202.333 203.167 201.267 199,467 198,433 196.600 193.667 192.367 191.400 189.367 188.167 186.700 185.133 184.433 183.067 183.367 181.500 180.433 179.467 TUIUTIZOS 29151846.017 29285045.819 28631843.611 28420956.989 29488536.134 29544298.053 29160461.856 28477213.006 27615440.722 28098232.595 27803405.041 27834303.356 26896226.147 25956533.599 26909213.084 28598739.169 29956649.178 30931975.724 31976263.484 32635172.306 32566071.005 32205775.226 32005321.630 31606507.019 31228014.950 31502113,428 31128939.759 30564713.221 29927869.906 29477774.512 29242703.809 28286217.997 27870261.433 27626530.996 26502332.666 25429336.121 25222469.421 24353174.764 24389958.210 -1.14% -0.88% -1.81% -0.20% 6.78% 5.15% 4.88% 2.31% 2.67% 8.25% 3.32% -2.67% -10.22% -16.09% -15.85% -12.37% -8.01% -3.96% -0.09% 3.25% 4.28% 2.23% 2.82% 3.41% 4.34% 6.87% 6.45% 8.06% 7.38% 6.70% 10.34% 11.23% 10.50% 13.44% 8.66% 5.61% 1.89% -2.84% -1.60% Data1 Data2 Data3 Ready Ci Accessibility: Good to go A B C D E F G 1 4 87 BB 89 90 92 92 93 94 95 96 97 98 99 100 101 202 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 2003-01-01 2002-10-01 2002-07-01 2002-04-01 2002-01-01 2001-10-01 2001-07-01 2001-04-01 2001-01-01 2000-10-01 2000-07-01 2000-04-01 2000-01-01 1999-10-01 1999-07-01 1999-04-01 1999-01-01 1998-10-01 1998-07-01 1998-04-01 1998-01-01 1997-10-01 1997-07-01 1997-04-01 1997-01-01 1996-10-01 1996-07-01 1996-04-01 1996-01-01 2003 2002 2002 2002 2002 2001 2001 2001 2001 2000 2000 2000 2000 1999 1999 1999 1999 1998 1998 1998 1998 1997 1997 1997 1997 1996 1996 1996 1996 3 2 1 4 3 2 1 4 3 2 1 4 3 2 1 4 3 2 1 4 3 2 1 4 3 2 1 43941245 43771845 42877168 43938167 44523622 43905746 42368408 43372465 42172035 42236907 42722911 42048671 42267158 41042085 38524965 38592591 37581006 37264124 35259775 35840082 35230501 33554661 33007224 32054395 30794102 30517200 29847204 29569118 29171550 180.433 179.467 178.067 177.500 177.633 177.133 175.900 174.233 173.000 171.433 170.100 168,433 167,200 165.967 164.733 164.133 163.367 162.533 162.000 161.667 160.800 160.000 159.633 158.667 157 300 156.400 155.067 153.700 152.867 24353174.764 24389958,210 24079278.173 24753896.901 25064902.608 24786834,400 24086644.684 24893322.173 24376898.844 24637511.375 25116349.794 24964578.072 25279400.718 24729113.276 23386259.611 23512951.462 23004084.473 22927065.628 21765293.210 22169122.887 21909515.547 20971663.125 20676899.561 20202349.790 19576670.057 19512276.215 19247981.943 19238202.993 19083002.617 -2.84% -1.60% -0.03% -0.56% 2,82% 0.61% -4.10% -0.29% 3.57% -0.37% 7.40% 6.17% 9.89% 7.86% 7.45% 6.06% 5.00% 9.32% 5.26% 9.74% 11.92% 7.48% 7.42% S.01% 2.59% #DIV/01 #DIV/0! #DIV/0! #DIV/0! W W 2. The text of Chapter 23 has a lot of information about the aggregate supply and aggregate demand model. You must have reference to this model to answer this question. In the Data file disc03.xlsx there is a tab Data2 with "Real Disposable Personal Income Per Capita". This is a measure of income in the economy. It is expressed monthly as an annual figure, so the estimate for May 21 of $48,520 means that the average person in the US had an annual income of that amount in May 21. The pandemic "hit" our country in March of 2020. a. The income measure changed between March and April of 2020. Describe the change. There are cells highlighted in yellow in the data. Why do you observe this type of change in the measure of personal disposable income? b. The biggest percentage change in personal income was in what month in 2021. Describe that change in words and tell what you think may have caused that change. April and May of 2021 saw negative growth in this income measure. Do you think there is an economic cause for this observation or do you think it is simply a trending number influenced by an unnaturally large March number'? Explain. d. Starting in March of 2020 some things were at work to increase aggregate demand and some things were at work to decrease aggregate demand. Namo two or more things that were working to increase aggregate demand between March 2020 and today and when "roughly" they took place. B C D E G H ORT 2021 2020 2020 2020 2020 2019 12 13 14 observation date Year 15 2021-01-01 16 2020-10-01 17 2020-07-01 18 2020-04-01 2020-01-01 20 2019-10-01 21 2019-07-01 22 2019-04-01 23 2019-01-01 24 2018-10-01 25 2018-07-01 26 2018-04-01 27 2018-01-01 28 2017-10-01 29 2017-07-01 30 2017-04-01 31 2017-01-01 32 2016-10-01 33 2016-07-01 34 2016-04-01 35 2016-01-01 36 2015-10-01 37 2015-07-01 38 2015-04-01 39 2015-01-01 2014-10-01 41 2014-07-01 42 2014-04-01 43 2014-01-01 44 2013-10-01 45 2013-07-01 46 2013-04-01 47 2013-01-01 48 2012-10-01 49 2012-07-01 50 2012-04-01 2019 2019 2019 2018 2018 2018 2018 2017 2017 2017 2017 2016 2016 2016 2016 2015 2015 2015 2015 2014 2014 2014 2014 2013 2013 2013 2013 2012 2012 2012 NetWorth CPI RNet Worth 1 129449135 259.421 49899186.523 4 124559982 256.472 48566698.119 3 116772765 258.500 45173216.634 2 112644891 257.860 43684571.711 1 104590472 256.192 40825087.467 4 111039602 255.373 43481283.089 3 107519069 253.186 42466491.257 2 106801976 252.738 42257980.992 1 104706749 251.754 41590842.793 4 99150087 250.738 39543355.539 3 102781698 249.179 41248082.907 2 100904418 247.257 40809529.356 1 99609990 245.345 40599912.233 4 98534756 244.187 40352171.082 3 96053404 243.753 39406093.609 2 94277140 242.135 38935829.098 1 92711890 240.607 38532445.672 4 90303342 239.590 37690728.480 3 89706645 237.689 37741131.982 2 88063734 237.837 37026927.686 1 86723073 237.855 36460479.284 4 85536311 236.960 36097362.846 3 84022867 235.355 35700480.976 2 84988612 236.888 35877077.948 1 84480991 237.478 35574188.944 4 82761529 236.872 34939297.399 3 81035009 235.621 34392099.601 2 80513682 234.163 34383654.383 1 78683833 233.300 33726460.780 4 76995136 232.045 33181122.627 3 75075056 232.299 32318239.972 2 72699477 231.369 31421397.102 1 71706182 229.841 31198168.299 4 68941733 228.808 30130822.786 3 68044772 228.326 29801587.204 2 66188489 227.047 29151846.017 Y2YChRNot Worth 22.23% 11.70% 6.37% 3.38% -1.84% 9.96% 2.95% 3.55% 2.44% -2.00% 4.67% 4.81% 5.37% 7.06% 4.41% 5.16% 5.68% 4,41% 5.72% 3.20% 2.49% 3.31% 3.80% 4.34% 5.48% 5.30% 6.42% 9.43% 8.10% 10.12% 8.44% 7.79% 6.53% 5.24% 4.86% -1.14% 40 DLL Data1 Data2 Data3 50 52 52 53 54 55 56 57 5B 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 BI 82 83 84 85 86 87 88 ZUTAT 2012-04-01 2012-01-01 2011-10-01 2011-07-01 2011-04-01 2011-01-01 2010-10-01 2010-07-01 2010-04-01 2010-01-01 2009-10-01 2009-07-01 2009-04-01 2009-01-01 2008-10-01 2008-07-01 2008-04-01 2008-01-01 2007-10-01 2007-07-01 2007-04-01 2007-01-01 2006-10-01 2006-07-01 2006-04-01 2006-01-01 2005-10-01 2005-07-01 2005-04-01 2005-01-01 2004-10-01 2004-07-01 2004-04-01 2004-01-01 2003-10-01 2003-07-01 2003-04-01 2003-01-01 2002-10-01 ZUZE 2012 2012 2011 2011 2011 2011 2010 2010 2010 2010 2009 2009 2009 2009 2008 2008 2008 2008 2007 2007 2007 2007 2006 2006 2006 2006 2005 2005 2005 2005 2004 2004 2004 2004 2003 2003 2003 2003 2002 2 1 4 3 2 1 4 3 2 1 4 3 2 1 4 3 2 1 4 3 2 1 4 3 2 1 4 3 2 1 4 3 2 1 4 3 2 1 4 VUUTE 66188489 66193770 64298054 63106935 64786019 64387169 63364906 61902057 59933791 60507858 59362216 59113844 57517221 56808729 57999490 60849442 63055651 64319641 66072873 66679205 65892017 65431400 64416044 63044446 61966791 61933155 60286380 58796320 57281943 55821079 55025021 52810369 51597144 50952532 48516937 46628926 45778782 43941245 43771845 ZEZUZEU 227.047 226.033 224.568 222.044 219.699 217.934 217.297 217.374 217.030 215.344 213.507 212.378 213.849 218.861 215.538 212.770 210.490 207.939 206.631 204.317 202.333 203.167 201.267 199,467 198,433 196.600 193.667 192.367 191.400 189.367 188.167 186.700 185.133 184.433 183.067 183.367 181.500 180.433 179.467 TUIUTIZOS 29151846.017 29285045.819 28631843.611 28420956.989 29488536.134 29544298.053 29160461.856 28477213.006 27615440.722 28098232.595 27803405.041 27834303.356 26896226.147 25956533.599 26909213.084 28598739.169 29956649.178 30931975.724 31976263.484 32635172.306 32566071.005 32205775.226 32005321.630 31606507.019 31228014.950 31502113,428 31128939.759 30564713.221 29927869.906 29477774.512 29242703.809 28286217.997 27870261.433 27626530.996 26502332.666 25429336.121 25222469.421 24353174.764 24389958.210 -1.14% -0.88% -1.81% -0.20% 6.78% 5.15% 4.88% 2.31% 2.67% 8.25% 3.32% -2.67% -10.22% -16.09% -15.85% -12.37% -8.01% -3.96% -0.09% 3.25% 4.28% 2.23% 2.82% 3.41% 4.34% 6.87% 6.45% 8.06% 7.38% 6.70% 10.34% 11.23% 10.50% 13.44% 8.66% 5.61% 1.89% -2.84% -1.60% Data1 Data2 Data3 Ready Ci Accessibility: Good to go A B C D E F G 1 4 87 BB 89 90 92 92 93 94 95 96 97 98 99 100 101 202 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 2003-01-01 2002-10-01 2002-07-01 2002-04-01 2002-01-01 2001-10-01 2001-07-01 2001-04-01 2001-01-01 2000-10-01 2000-07-01 2000-04-01 2000-01-01 1999-10-01 1999-07-01 1999-04-01 1999-01-01 1998-10-01 1998-07-01 1998-04-01 1998-01-01 1997-10-01 1997-07-01 1997-04-01 1997-01-01 1996-10-01 1996-07-01 1996-04-01 1996-01-01 2003 2002 2002 2002 2002 2001 2001 2001 2001 2000 2000 2000 2000 1999 1999 1999 1999 1998 1998 1998 1998 1997 1997 1997 1997 1996 1996 1996 1996 3 2 1 4 3 2 1 4 3 2 1 4 3 2 1 4 3 2 1 4 3 2 1 4 3 2 1 43941245 43771845 42877168 43938167 44523622 43905746 42368408 43372465 42172035 42236907 42722911 42048671 42267158 41042085 38524965 38592591 37581006 37264124 35259775 35840082 35230501 33554661 33007224 32054395 30794102 30517200 29847204 29569118 29171550 180.433 179.467 178.067 177.500 177.633 177.133 175.900 174.233 173.000 171.433 170.100 168,433 167,200 165.967 164.733 164.133 163.367 162.533 162.000 161.667 160.800 160.000 159.633 158.667 157 300 156.400 155.067 153.700 152.867 24353174.764 24389958,210 24079278.173 24753896.901 25064902.608 24786834,400 24086644.684 24893322.173 24376898.844 24637511.375 25116349.794 24964578.072 25279400.718 24729113.276 23386259.611 23512951.462 23004084.473 22927065.628 21765293.210 22169122.887 21909515.547 20971663.125 20676899.561 20202349.790 19576670.057 19512276.215 19247981.943 19238202.993 19083002.617 -2.84% -1.60% -0.03% -0.56% 2,82% 0.61% -4.10% -0.29% 3.57% -0.37% 7.40% 6.17% 9.89% 7.86% 7.45% 6.06% 5.00% 9.32% 5.26% 9.74% 11.92% 7.48% 7.42% S.01% 2.59% #DIV/01 #DIV/0! #DIV/0! #DIV/0