Given the economic conditions depicted by the graph, answer the following questions. True or False: The economy is currently in short-run equilibrium.
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A: The above graph shows the short run and long run equilibrium of an economy.
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Q: 60 60 65 70 75 80 85 90 95 100 OUTPUT Given the economic conditions depicted by the graph, answer…
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A: Given the short-run equilibrium price = 130 The equilibrium quantity = 8
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Q: Graphically illustrate the long-run aggregate supply curve. Explain
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A: Hello, thanks for the question. Since you have posted many subparts here, only the first three…
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- Market equilibrium and disequilibrium The following graph shows the monthly demand and supply curves in the market for keyboards. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. 05010015020025030035040045050080726456484032241680PRICE (Dollars per keyboard)QUANTITY (Keyboards)Demand Supply Graph Input Tool Market for Keyboards Price (Dollars per keyboard) Quantity Demanded (Keyboards) Quantity Supplied (Keyboards) The equilibrium price in this market is per keyboard, and the equilibrium quantity is keyboards bought and sold per month. Complete the following table by indicating at each price whether there is a shortage or surplus in the market, the amount of that shortage or surplus, and…Let's assume that prices substantially increased over the past year. How do you expect this will affect people's buying behavior? Be sure to tie this back to economic concepts discussed in this course. Time Atten 33 M.Assume that prices are flexible upward but not downward. Decide the effect onthe equilibrium price level and level of output of the following: Firms become less optimistic about future business decisions
- Describe how different parts of the economy may have experienced shifts and changes in supply and demand. Provide at least 4 examples.Refer to the figure to answer the following questions. Price level (P) O O B; E D; A F; E F; A LRAS D; C E A D B Based on the figure, starting at point A, if there is an increase in the price of oil, then in the short run we move to point_ and in the long run to point SRAS3 AD1 SRAS₁ SRAS2 AD2 Real GDP (Y)Assume that the long-run aggregate supply curve is vertical at Y = 3.000 while the short-run aggregate supply curve is horizontal at P=1.0, . The aggregate demand curve is Y = 2(M / P) and M = 1,500. Suppose the aggregate demand function shifts to Y = (1.5)(M / P) . What are the short- run values of P and Y? Show the change in short and long- run equilibrium graphically . Describe the short- run and long- run effects of the change in demand .
- 10 Which of the following is NOT a macroeconomics statement? The real domestic output increased by 2.5 percent last year. The price of wheat declined last year. Unemployment was 9.8 percent of the labor force last year. The general price level increased by 4 percent last year.Table 24.4 describes Santhers economy. Plot the AD/AS curves and identify the equilibrium. Would you expect unemployment in this economy to be relatively high or low? Would you expect prices to be a relatively large or small concern for this economy? Imagine that input prices fall and so AS shifts to the right by 150 units. Identify the new equilibrium. How will the shift in AS affect the original output, price level, and employment?If households decide to save a larger portion of their income, what effect would this have on the output, employment, and price level in the short run? What about the long run?
- Given the input-output matrix Industry Oil 180 Final Demand Industry Health 240 120 Housing 144 Health 36 Oil 36 48 156 240 Housing Other 120 72 48 120 72 240 Suppose final demand changes to 77 for Health, 154 Oil, and 231 for Housing. Find the output matrix for the economy. (The entries are in billions of pesos).Suppose that a consulting firm has generated the following information about the economy of Growville: (i) The current employment in export industries is 50,000; (ii) The current total employment in the city is 150,000; (iii) Export employment is expected to grow by 10,000 jobs. Is there enough information to accurately predict the effect of the increase in export employment on total employment? If you have enough information, predict the employment effect and illustrate your answer with a graph. If there is insufficient information, proceed with the analysis as far as you can and list the additional information you need to complete the analysis. Illustrate your answer with a graph.Assume that the housing market is in equilibrium in year 1. In year 2, the mortgage rate that banks charge consumers decreases, but producers are not affected. Also in year 2, the cost of lumber used to build homes increases. Which of the following is most likely to be the equilibrium change? Price S 8 E C D 0 Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a The equilibrium will be at point C before the change in expectations and point B after the change b The equilibrium will be at point A before the change in expectations and point B after the change с The equilibrium will be at point A before the change in expectations and point E after the change d The equilibrium will be at point E before the change in expectations and point C after the change la Quantity