U.S. economy Plot the graphs for the following: Consumer market: using 500 lbs. for Q and...

U.S. economy

Plot the graphs for the following:

Consumer market: using 500 lbs. for Q and $500 for P as point A (equilibrium).

Labor market: using 5 laborers and $5.00 for wage as point A (equilibrium).

Government market: using 50 jets for Q and $5 billion for P as point A (equilibrium).

AD/AS graph: using 19.1 trillion for RGDP and 1.9% for inflation as point A (equilibrium).

How will our AD/AS graph look like when Americans’ incomes increase thereby increasing quantity of goods in the consumer market?
How will our AD/AS graph look like when labor unions are able to increase their salaries in the labor market?
How will our AD/AS graph look like when U.S. government buys less jets in the government market?
How will our AD/AS graph look like when Congress implements an income tax hike in the labor market?

Expert Solution

Rahul Sunny answered 2 years ago

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