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Economy of ficticiousland

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Reference no: EM132476685

Final paper: the economy of ficticiousland has demand and supply schedules as follows:

Price Level (CPI) Aggregate Demand Short run aggregate supply

250 4 16

200 8 12

150 12 8

100 16 4

Reflecting GDP in trillions of dollars

Answer the following questions.

  1. Graph the aggregate demand curve and the short run aggregate supply curve
  2. What are short run equilibrium real GDP and the price level?
  3. If ficticiousland's potential real GDP is $12 trillion, plot the long run aggregate supply curve (LRAS) in the graph

Reference no: EM132476685

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