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3. Did the Covid-19 recession shift the
The aggregate supply is the total amount of services and commodities that are supplied by all the firms in a time period.
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- The short run aggregate supply curve was constructed assuming that as the price of outputs increases, the puce of inputs stays the same. How would an increase in the prices of important inputs, like energy, affect aggregate supply?If the economy is operating in the neoclassical zone of the SRAS curve and aggregate demand falls, what is likely to happen to teal GDP?c. If aggregate demand shifts right, what is equilibrium output? d. if aggregate demand shifts left, what is equilibrium output?
- 3. Under what circumstances an aggregate demand curve would shift either to the right or left? Provide some real world examples.If potential GDP increases, what happens to aggregate supply? Doesthe LAS curve shift or is there a movement along the LAS curve?Does the SAS curve shift or is there a movement along the SAS curve?3. What role do imports play in aggregate demand? Under which conditions will changes in imports expand aggregate demand? Reduce aggregate demand?
- 3. Explain whether each of the following events will increase, decrease, or have no effect on longrun aggregate supply in your country. a. There is an increase in immigration into your country. b. Your government introduces a minimum wage above the market-clearing wage rate. c. Intel invents a new and more powerful computer chip. d. A severe flood damages factories.A Moving to another question will save this response. Quèstion 25 AS2 AS AS3 e3 P3 AD Q2 Q, Q3 Real Domestic Output Refer to the graph. If aggregate supply shifts from AS1 to AS2, what will happen to price level and real domestic output? 4 For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). Paragraph ニv A 12pt Open Sans,sa... v BIUS Price Level !!!3. Explain the determinants of the aggregate supply (AS) and describe how the AS curvewill shift when one of these determinants changes. 4. Using an AD-AS diagram, explain what happens if personal income taxes increase. 5. Explain what will happen to an AD-AS diagram, if there is a decrease in input prices.
- 3. What is the difference between the long-run aggregate supply (LRAS) and the short-run aggregate supply (SRAS) curves? Give examples of factors that decrease SRAS. Which way does the SRAS curve shift?2. Explain the determinants of the aggregate demand (AD) and describe how the AD curvewill shift when one of these determinants changes.2. Why does the aggregate demand curve slope downward?
