Draw aggregate demand, short run aggregate supply

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Reference no: EM13761934

Draw Aggregate Demand, Short Run Aggregate Supply, Long Run Aggregate Supply diagram, starting at the long run equilibrium.

Show on the diagram what happens to a given economy when the government lowers income taxes for all citizens. Show on the diagram the short run effect and then the long run effect on the given economy.

Explain how this event affects GDP, prices, and employment in the short run and long run.

Reference no: EM13761934

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