Calculate the aggregate demand and supply

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Reference no: EM131161268

Using the hypothetical economy data in the table below, calculate the aggregate demand and supply, as well as its price level. Amount of Real GDP Demand, in Billions Price Level (Price Index) Amount of Real GDP Supplied, in Billions $200 400 $600 $300 350 500 $400 300 400 $500 200 300 $600 150 200 Then address the following: What is the equilibrium price level and the equilibrium level of real output in this hypothetical economy? Use Excel to graph both the aggregate demand and aggregate supply curves. Can there be equilibrium level of output at below full employment? At what price level will aggregate supply equal aggregate demand? At what price level will demand fall below aggregate supply? If given a price level of 200, will aggregate demand exceed supply? If the aggregate demand schedule shifted by $200 billion to the right at every level, what would be the new equilibrium level of income?

Reference no: EM131161268

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