Events with proper diagram

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Reference no: EM131808118

Using the AS/AD model, discuss the likely impact of the following events with proper diagram(s): a) An increase in petrol price (starting from the full-employment level). b) A rise in the general price level (starting from below the full-employment level). c) The world economy enters into a recession (starting from the full-employment level). d) The Real Estate business in Australia booms (starting from the full-employment level).

Reference no: EM131808118

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