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Aggregate demand and aggregate supply schedules in Burgazistan are given as follows:
Price level
Real GDP demanded
Real GDP supplied in the short run
75
600
400
85
550
450
95
500
105
115
125
350
650
135
300
700
a) What is the short-run macroeconomic equilibrium GDP level?
b) What is the equilibrium price level?
Suppose that the initial equilibrium you found in "a" is at the long run aggregate supply curve and the economy receives a negative demand shock which decreases aggregate demand by 100 at each price level.
c) What is the new short-run macroeconomic equilibrium GDP level?
d) What is the output gap?
e) In the long-run the economy adjusts to the long-run equilibrium point. What is long-run equilibrium GDP level?
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