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The table above shows Purpleland's economy aggregate demand and supply schedules. Purpleland's ...

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The table above shows Purpleland's economy aggregate demand and supply schedules. Purpleland's ...

The table above shows Purpleland's economy aggregate demand and supply schedules. Purpleland's potential GDP is $675 billion.
a)Plot the aggregate demand curve, the short-run aggregate supply curve, and the long-run aggregate supply curve.
b)What are the short-run equilibrium real GDP and price level in Purpleland?
c)What is the long-run equilibrium real GDP?
d)Is Purpleland's short-run macroeconomic equilibrium a full-employment equilibrium, below full-employment equilibrium, or above full-employment equilibrium? What is the recessionary gap (if any)? What is the inflationary gap (if any)?
e)Suppose aggregate demand increases by $150 billion. Plot the new aggregate demand curve. How do real GDP and the price level change in the short run?
f)Is Purpleland's new short-run macroeconomic equilibrium a full-employment equilibrium, below full-employment equilibrium, or above full-employment equilibrium? What is the recessionary gap (if any)? What is the inflationary gap (if any)?

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Macroeconomics

Edition: 12^th

Author: Parkin

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