Draw and carefully describe a graph that utilizes the Aggregate Demand/Aggregate Supply model that would illustrate the current state of the aggregate economy in the United States as of at the end of 2021. Make sure that you explain your graph in your own words. Illustrate the current state of the economy relative to real potential GDP. How big is the gap between actual and potential real GDP? Instructions: You should draw your own AD/AS graph which you can then embed into your post. Your graph needs to be clearly labeled and explained in some detail. Your graph must include an aggregate demand (AD) curve, a short run aggregate supply (SRAS) curve, and a long run aggregate supply curve (LRAS, Potential GDP) curve. You should clearly label both axes of the graph. Identify the current price level using the GDP deflator on the vertical axis and the level of real GDP on the horizontal axis. You can use the figure from your text below to model and adapt in framing your response. You should use the most recent data from the fourth quarter of 2022.
Draw and carefully describe a graph that utilizes the Aggregate
Instructions: You should draw your own AD/AS graph which you can then embed into your post. Your graph needs to be clearly labeled and explained in some detail. Your graph must include an aggregate demand (AD) curve, a short run aggregate supply (SRAS) curve, and a long run
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