Suppose the U.S. economy is initially (year 2020) in both short-run and long-run equilibrium and it is described by following functions: AD function: Y=12-P SRAS function: Y=Yn+P-P® where the expected price is Pe=2 and the natural rate of output is YN=10. Then, in year 2021, government spending increases such that the new AD function is: Y=18-P Compişte the reduction in GDP that results from the Crowding-Out effect. (Express your answer using one negative integer. For example, if your answer is "-9", type-9)

Suppose the U.S. economy is initially (year 2020) in both short-run and long-run equilibrium and it is described by following functions: AD function: Y=12-P SRAS function: Y=Yn+P-P® where the expected price is Pe=2 and the natural rate of output is YN=10. Then, in year 2021, government spending increases such that the new AD function is: Y=18-P Compişte the reduction in GDP that results from the Crowding-Out effect. (Express your answer using one negative integer. For example, if your answer is "-9", type-9)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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