Economics (MindTap Course List)
Solutions
Economics (MindTap Course List)
Graphically show each of the following:
- a. Continued inflation due to supply-side factors
- b. One-shot, demand-induced inflation
- c. One shot, supply-induced inflation
(a)
Graphical representation of continued inflation due to supply-side factors.
The continued inflation due to supply-side factors can be illustrated in the following figure:
Figure 1
In Figure 1, the horizontal axis indicates real GDP, and vertical axis indicates price level. The SRAS is the short-run aggregate supply curve, and LRAS is the long-run aggregate supply curve. At the beginning, the economy is at point 1, where the economy is in full employment level of output or natural rate of unemployment. When SRAS moves to the left from SRAS1 to SRAS2, which is at point 2. At this point, the unemployment is more than that of the natural rate of unemployment. As unemployment increases, wage rate declines, and the economy moves back to Point 1...
(b)
Graphical representation of one-shot, demand-induced inflation.
(c)
Graphical representation of one-shot, supply-induced inflation.
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