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Use AD-AS model to analyze how the following shocks will affect economic activity in the short and long run; for each shock:
a) Illustrate changes that will occur using AD-AS graph, in short-run and explain why each curve shifts.
b) Determine how the prices and the output will be affected in the short-run.
c) On the same diagram, illustrate how the economy can adjust in the long-run (moving to the potential level of output) by a shift in the SRAS curve.
d) Determine how the prices and output will be affected in the long-run.
The shocks are:
1. Consumers become optimistic about their future earnings and start consuming more.
2. A country the U.S. trades with (consider a major export of goods and services to that country) experiences a recession.
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You are a firm in the highway billboards industry. Your industry is highly concentrated, with a Herfindahl-Hirschman Index of: HHI=3,000. You wish to merge with another firm in your industry, which would cause the HHI index to rise to HHI=3,050. Prov..
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