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Use an aggregate demand (AD) and aggregate supply (AS) model in which the short run aggregate supply curve slopes upwards to illustrate the equilibrium level of real GDP and prices if the economy is operating:
a. Graph three cases
b. In each case explain the relationship between real GDP and potential GDP.
c. If the economy were below full employment in the short run, would it adjust (self adjusting mechanism - no deliberate fiscal or monetary policy) to full employment and potential output over time?
d. Explain and illustrate the adjustment from short to long run in (c) in your AD/AS diagram.
e. If the economy is not self-adjusting but a deliberate monetary policy is proposed to remove the output gap, how this process would be different than self-adjusting mechanism i.e. what curve or curves would shift and why? What would be after adjustment impact on the price level and output?
Explain how each of the following will affect the relative values of the dollar and the euro:
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If the desired fiscal stimulus is $20 billion and the desired AD increase is $50 billion, we can conclude that the MPC is:
Explain why a monopolist will never set a price (and produce the corresponding output) at which the demand is price-inelastic.
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