ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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7. Determinants of aggregate supply
The following graph shows an increase in short-run aggregate supply (AS) in a hypothetical economy where the currency is the dollar. Specifically, the
short-run aggregate supply curve shifts to the right from AS₁ to AS2, causing the quantity of output supplied at a price level of 100 to rise from
$200 billion to $250 billion.
PRICE LEVEL
200
175
150
125
100
75
50
25
0
+
AS₁
AS
2
?
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Transcribed Image Text:7. Determinants of aggregate supply The following graph shows an increase in short-run aggregate supply (AS) in a hypothetical economy where the currency is the dollar. Specifically, the short-run aggregate supply curve shifts to the right from AS₁ to AS2, causing the quantity of output supplied at a price level of 100 to rise from $200 billion to $250 billion. PRICE LEVEL 200 175 150 125 100 75 50 25 0 + AS₁ AS 2 ?
F
75
50
25
0
0
50
100
150 200 250 300
QUANTITY OF OUTPUT
Regulations on the firm
Human capital
Input prices
350
The following table lists several determinants of short-run aggregate supply.
400
Complete the table by selecting the changes in each scenario necessary to increase short-run aggregate supply.
Change Necessary to Increase AS
111
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Transcribed Image Text:F 75 50 25 0 0 50 100 150 200 250 300 QUANTITY OF OUTPUT Regulations on the firm Human capital Input prices 350 The following table lists several determinants of short-run aggregate supply. 400 Complete the table by selecting the changes in each scenario necessary to increase short-run aggregate supply. Change Necessary to Increase AS 111
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