Discuss the likely short-run and long run impact

Reference no: EM133491636

Question 1: Using the AS/AD model, starting from a full-employment level at long run equilibrium, discuss the likely short-run and long run impact of the following events:

(a) Due to the wars and supply disruptions, oil price goes up.

(b) The RBA takes contractionary monetary policy.

Reference no: EM133491636

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