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Question:
The following schedule provides information with which to draw both an aggregate demand curve and an aggregate supply curve. Both curves are assumed to be straight lines. Average Price($ per unit): $1,000,100
Quantity Demanded(units per year): 0, 900
Quantity Supplied(units per year):1,000, 100
(a) At what price level does equilibrium occur?
(b) What curve would have shifted if a new equilibrium were to occur at an output level of 700 and a price level of $700?
(c) What curve would have shifted if a new equilibrium were to occur at an output level of 700 and a price level of $500?
(d) What curve would have shifted if a new equilibrium were to occur at an output level of 700 and a price level of $300?
Please provide step by step explanation for each answer
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