The link relates these questionshttps://thenewdaily.com.au/finance/finance-news/2020/06/11/gambling-consumer-spending/Draw an AS-AD diagram for Australia’s economy, showing an initial long run equilibrium.Explain the impact of the weak consumer spending on output and inflation in the short-run, including showing this on your AS-AD diagram.Use a new diagram to help explain what happens to output and inflation in Australia in the short run when federal government introduces a fiscal stimulus package.Describe some of the policy recommendations to help the economy recover from the pandemic in the article?

Aggregate demand and supply are the two main components in an economy. With the equilibrium in these…

Answered: AS-AD diagram

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter16: The Influence Of Monetary And Fiscal Policy On Aggregate Demand

Section16.3: Using Policy To Stabilize The Economy

Problem 3QQ

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https://thenewdaily.com.au/finance/finance-news/2020/06/11/gambling-consumer-spending/

Draw an AS-AD diagram for Australia’s economy, showing an initial long run equilibrium.
Explain the impact of the weak consumer spending on output and inflation in the short-run, including showing this on your AS-AD diagram.
Use a new diagram to help explain what happens to output and inflation in Australia in the short run when federal government introduces a fiscal stimulus package.
Describe some of the policy recommendations to help the economy recover from the pandemic in the article?

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