ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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The table describes four possible outcomes for 2017, depending on the level of
aggregate demand in that year.
Potential GDP is $12 trillion and the natural unemployment rate is 6 percent.
Price level (GDP price index 2016 = 100)
112-
111-
110-
Price level
Unemployment rate
(percent of labor force)
(2016 = 100)
109-
A
102.5
9.
108-
B
105.0
107-
C
107.5
106-
110.0
3
105-
Draw the four points A,B,C, and D on the aggregate supply curve using the data in
the table. Label the points.
104-
103-
Draw the short-run aggregate supply curve. Label it AS.
>>> Calculate values of real GDP to 1 decimal place.
102-
101-
100-
11.1 11.3 11.5 11.7 11.9 12.1 12.3 12.5 12.7 12.9
Real GDP (trillions of 2016 dollars)
>>> Draw only the objects specified in the question.
Selected:
none
Delete Clear
e
Next
expand button
Transcribed Image Text:The table describes four possible outcomes for 2017, depending on the level of aggregate demand in that year. Potential GDP is $12 trillion and the natural unemployment rate is 6 percent. Price level (GDP price index 2016 = 100) 112- 111- 110- Price level Unemployment rate (percent of labor force) (2016 = 100) 109- A 102.5 9. 108- B 105.0 107- C 107.5 106- 110.0 3 105- Draw the four points A,B,C, and D on the aggregate supply curve using the data in the table. Label the points. 104- 103- Draw the short-run aggregate supply curve. Label it AS. >>> Calculate values of real GDP to 1 decimal place. 102- 101- 100- 11.1 11.3 11.5 11.7 11.9 12.1 12.3 12.5 12.7 12.9 Real GDP (trillions of 2016 dollars) >>> Draw only the objects specified in the question. Selected: none Delete Clear e Next
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