Cause a shift of the aggregate demand curve

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Q1. Bill likes apples and oranges. He is always willing to exchange one orange for exactly two apples. Give three examples of utility functions that can represent this preference, two of which are non-linear in the number of apples or oranges that he consumes.

Q2. Determine whether each of the following would cause a shift of the aggregate demand curve, a shift of the aggregate supply curve, neither, or both. Which curve shifts and in which direction? Illustrate what happens to aggregate output and the price level in each case.

Reference no: EM1317871

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