Label the equilibrium level of real gdp

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Reference no: EM131302729

Draw a 45°-line diagram showing an equilibrium in the goods market. Label the equilibrium level of real GDP, Y₁.

Now show on your graph the situation when real GDP is equal to Y₂, where Y₂ is greater than Y₁ , and the situation when real GDP is equal to Y₃ , where Y₃ is less than Y₂ .

Be sure that your graph shows the level of aggregate expenditure and the level of unintended changes in inventories at Y₁ , Y₂, and Y₃ .

Reference no: EM131302729

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