Economics (MindTap Course List)
Solutions
Economics (MindTap Course List)
Diagrammatically represent each of the following, and identify its short-run effect on Real GDP and the price level:
- a. An increase in SRAS that is greater than the increase in AD
- b. A decrease in AD that is greater than the increase in SRAS
- c. An increase in SRAS that is less than the increase in AD
(a)
Estimate the short-run effect on real GDP and the price level.
An increase in the short-run aggregate supply (SRAS) curve is greater than the increase in aggregate demand:
Figure-1:
Figure-1 shows that the short-run aggregate supply (SRAS curve is greater than the increase in aggregate demand:
In the above figure, the vertical axis measures the price level and the horizontal axis represents the real GDP...
(b)
A decrease in the aggregate short-run aggregate supply (SRAS curve is greater than the increase in SRAS:
(c)
An increase in the short-run aggregate supply (SRAS curve is less than the increase in aggregate demand:
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