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What is q if the price level is 120

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Reference no: EM132405758

Suppose that the equation for a particular short-run AS curve is P = 20 + 0.5Q, where P is the price level and Q is real output in dollar terms.

Instructions: Enter your answers as whole numbers.

a. What is Q if the price level is 120?

Suppose that the Q in your answer is the full-employment level of output.

b. By how much will Q increase in the short run if the price level unexpectedly rises from 120 to 132?

b2. By how much will Q increase in the long run due to the price level increase?

Reference no: EM132405758

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