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For the following changes in an economy, using an LRAS-AD-SRAS framework, tell whether short-run aggregate supply or long-run aggregate supply will be affected. Also, indicate the direction of the change in short and long run, effect on price, unemployment and real GDP. Assuming the economy is at the long run equilibrium explain in text and with a graph. (draw a new graph for each question)

a. Department of Homeland Security implements new policy restricting immigration.

b. A favorable supply shock (decline in the price of oil)

c. New shale deposits are found in North Dakota.

d. A category 3 hurricane damages orange plantations in Florida.

e. The stock of capital in the economy increases.

NOTE TO TUTOR: This keeps getting denied because people keep thinking it is missing data that goes with it. This is all there is for the question, your answer for each A-E needs to include a text explanation and a separate graph for each question. There is NO beginning graphs or data given.

Reference no: EM132655383

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