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Show the resulting inflation

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Reference no: EM132001249

In 2008 the rise in oil prices due to π AS speculation that growing demand in Asia would keep oil prices moving up led to an increase in costs of production. Show the impact of this rise in oil prices on aggregate supply in the aggregate demand and aggregate supply diagram to the right, and be sure to show the resulting inflation, and what happens to GDP on the graph.

Reference no: EM132001249

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