Need help with this. Need eveyrthing answered and please show how to do the graph. THank you ! Based on your answers to the previous questions, on the following graph use the purple point (diamond symbol) to plot the unemployment rateand inflation rate if the economy is at point A. Next, use the green point (triangle symbol) to plot the unemployment rate and inflation rate ifthe economy is at point B. (As you place these points, dashed drop lines will automatically extend to both axes.) Finally, use the black line (plussymbol) to draw the short-run Phillips curve for this economy in 2021.INFLATION RATE (Percent)870012356UNEMPLOYMENT RATE (Percent)78300Outcome AOutcome BPhillips CurveShow where to put these 3, Outcome A, Outcome B andPhilips Curveincrease/decreaseSuppose that the government is considering enacting an expansionary policy in 2020 that would shift aggregate demand in 2021 from ADA tomovement along/ shift ofADB. This would cause ain the inflation rate andincrease/decreasethe short-run Phillips curve, resulting inin the unemployment rate. In the year 2020, aggregate demand and aggregate supply in the fictional country of Drooble are represented by the curves AD2020 and AS onthe following graph. The price level is 102. The graph also shows two possible outcomes for 2021. The first potential aggregate demand curve isgiven by the ADA curve, resulting in the outcome illustrated by point A. The second potential aggregate demand curve is given by theADB curve, resulting in the outcome illustrated by point B.PRICE LEVEL108107106105104103102101100AD 20202AS4AD BAD.A6810OUTPUT (Trillions of dollars)121416?Suppose the unemployment rate is 6% under one of these two outcomes and 3% under the other. Based on the previous graph, you wouldexpectto be associated with the higher unemployment rate (6%).outcome A/ outcome BIf aggregate demand is low in 2021, and the economy is at outcome A, the inflation rate between 2020 and 2021 is0.98% / 1.96% / 3.00% / 4.00%

Given information In 2020, the price level will be 102. In 2021, if the aggregate demand is ADA,…

Based on your answers to the previous questions, on the following graph use the purple point (diamond symbol) to plot the unemployment rate and inflation rate if the economy is at point A. Next, use the green point (triangle symbol) to plot the unemployment rate and inflation rate if the economy is at point B. (As you place these points, dashed drop lines will automatically extend to both axes.) Finally, use the black line (plus symbol) to draw the short-run Phillips curve for this economy in 2021. 7 Outcome A A Show where to put these 3, Outcome A, Outcome B and Philips Curve

Based on your answers to the previous questions, on the following graph use the purple point (diamond symbol) to plot the unemployment rate and inflation rate if the economy is at point A. Next, use the green point (triangle symbol) to plot the unemployment rate and inflation rate if the economy is at point B. (As you place these points, dashed drop lines will automatically extend to both axes.) Finally, use the black line (plus symbol) to draw the short-run Phillips curve for this economy in 2021. 7 Outcome A A Show where to put these 3, Outcome A, Outcome B and Philips Curve

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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