Refer to the data in the table given below. Suppose that the present equilibrium price level and level of real GDP are 100 and $215, and that data set A represents the relevant aggregate supply schedule for the economy. (A) (C) Price Real Price Real Price Real Level GDP Level GDP Level GDP 100 215 110 240 110 290 100 240 100 240 100 265 100 265 95 240 95 240 100 290 90 240 90 215 a. What must be the current amount of real output demanded at the 100 price level? Real output demanded = $ b. If the amount of output demanded increases by $75 at the 100 price level shown in A, what will be the new equilibrium real GDP? The new equilibrium level of real GDP = $ In business cycle terminology, what would economists call this change in real GDP? [(Click to select)

Refer to the data in the table given below. Suppose that the present equilibrium price level and level of real GDP are 100 and $215, and that data set A represents the relevant aggregate supply schedule for the economy. (A) (C) Price Real Price Real Price Real Level GDP Level GDP Level GDP 100 215 110 240 110 290 100 240 100 240 100 265 100 265 95 240 95 240 100 290 90 240 90 215 a. What must be the current amount of real output demanded at the 100 price level? Real output demanded = $ b. If the amount of output demanded increases by $75 at the 100 price level shown in A, what will be the new equilibrium real GDP? The new equilibrium level of real GDP = $ In business cycle terminology, what would economists call this change in real GDP? [(Click to select)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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