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Short-run equilibrium values for real gdp and price level

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Reference no: EM132655735

Consider an economy described by the following: AD: Y = 2250-10P, AS: P = 125+0.1Y.

What are the short-run equilibrium values for real GDP and the price level?

Hint: In equilibrium: AD = AS

(AD is aggregate demand and AS is aggregate supply)

Reference no: EM132655735

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