Explain and describe using a relevant diagram, the effect of the following events on Malaysia's short-run and long-run aggregate supply curve. Don’t forget to interpret your diagram. a. If there is an increase in energy prices in the world. b. If there is forest fires.
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Explain and describe using a relevant diagram, the effect of the following events on Malaysia's short-run and long-run
a. If there is an increase in energy prices in the world.
b. If there is forest fires.
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- Explain whether each of the following events shifts the short-run aggregate supply curve, the aggregate demand curve, both, or neither. Draw a diagram to show what happens to output and the price level in Pakistan, assuming policymakers take no action. The Karachi stock market declines sharply, reducing consumers’ wealth. A severe Flood damages factories along the Indus River. Pakistan experiences a wave of immigration A boom overseas causes foreigners to buy more Pakistan goods. State Bank of Pakistan increases the policy rate (Interest rate).Which event would shift short-run aggregate supply to the right? (a) A labor shortage puts upward pressure on wages, causing an increase in the expected rate of inflation. (b) An increase in government regulation makes it more costly for firms to comply with legislative requirements. (c) Expecting inflation to increase, workers bargain for higher wages. ( d) Internet technology allows retailers to use just-in-time delivery of merchandise, thereby lowering inventory costs. Only typed answer and don't use chat gptWhat effects would each of the following have on aggregate demand or aggregate supply? In each case use a diagram to show the expected effects on the equilibrium price level and the level of real output. Assume all other things remain constant. a. The expectation of rapid inflation b. A 10 percent reduction in personal income tax rates c. A sizable increase in labor productivity (with no change in nominal wages) d. A 12 percent increase in nominal wages (with no change in productivity) e. Depreciation in the international value of the dollar.
- What effects would each of the following have on aggregate demand or aggregate supply? In each case use a diagram to show the expected effects on the equilibrium price level and the level of real output. Assume all other things remain constant.a. A widespread fear of depression on the part of consumers.b. A $2 increase in the excise tax on a pack of cigarettes.c. A reduction in interest rates at each price level.d. A major increase in Federal spending for health care.e. The expectation of rapid inflation.f. The complete disintegration of OPEC, causing oil prices to fall by one-half.g. A 10 percent reduction in personal income tax rates.h. A sizable increase in labor productivity (with no change in nominal wages).i. A 12 percent increase in nominal wages (with no change in productivity).j. Depreciation in the international value of the dollar.Suppose the government provides incentives (e.g. lower company tax) to firms that engagein high levels of research and development.What happens to the short-run aggregate supply curve? Explain. What happens to the long-run aggregate supply curve? Explain. What happens to the value of the dollar? Explain.Which of the following would be most likely to produce a rightward shift in the long run aggregate supply curve (LAS)? a) a decrease in the quantity of oil b) an increase in the quantity and skills of the labour force c) an increase in input prices d) a decrease in the productivity of land
- Explain the difference between long run and short run aggregate supply. Why do economists distinguish between the two?Post your findings on the differences between short-run and long-run aggregate demand and between short-run and long-run aggregate supply. Post your explanatory notes on the comparison and contrast of aggregate demand and aggregate supply in terms of creating short-run and long-run equilibrium.Illustrate and interpretshifts in the short-runand long-run aggregate supply curves.
- Q2. Explain whether each of the following events will increase, decrease or have no effect on long-run aggregate supply. c) Tenaga Nasional Berhad (TNB) invest in new electricity transmission technology. d) A severe flood damages factories in Pahang.Explain whether each of the following events shifts the short run aggregate supply curve the aggregate demand curve both or neither for each event that does shift a curve note the direction a.household society save a larger share of their income b.Florida orange grove suffers a prolonged period of below freezing temperatures c.increase job opportunities overseas cause many people to leave the country d. a pandemic causes 500,000 deaths and millions infectedAggregate demand and aggregate supply, based on a problem from “Principles of Economics” by N. Gregory Mankiw a) List the components of country’s GDP in an open economy. For each component, provide an example of an event that would cause a shift of the aggregate demand curve to the right.b) What will be the effect of such events on the level of prices and the real outcome in the short run? Provide a graph.c) What will be the effect of such events on the level of prices and the real outcome in the longrun? Update your graph
