What are the short-run equilibrium price level and real GDP in Yellowland?

Real GDP demanded (bil Show more Answer the Following Questions Based on the Table Below: Price level Real GDP demanded (billions of 2000dollars) Real GDP supplied(billions of 2000dollars) 90 450 150 100 400 250 110 350 350 120 300 400 130 250 550 The table above shows Yellowlands economy aggregate demand and aggregate supply schedules. Yellowlands potential GDP is $300 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 price level and real GDP in Yellowland? C) What is the long-run equilibrium real GDP? D) Does Yellowland have an inflationary gap or a recessionary gap? What is the size of the inflationary/recessionary gap? E) Suppose aggregate supply decreases by $150 billion at each price level use your figure in part A) to show the change in short-run aggregate supply (hint: the SRAS curve shifts leftward). How do real GDP and the price level change in the short run? F) Given the change in part E) does Yellowland have an inflationary gap or a recessionary gap? What is the size of the inflationary/recessionary gap?P lot the aggregate demand curve the short run aggregate supply curve and the long run aggregate supply curve Show less

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