Firms make more investment in new artificial intelligence program that develops high caliber robots which can...

Firms make more investment in new artificial intelligence program that develops high caliber robots which can handle large amount of data and then deliver instructions to workers.

Explain how the investment plan affect the IS, LM and Ad curves?
Suppose the workers’ productivities and worker’s expected incomes are unaffected. How will this affect the AS curve with and without this assumption?
For simplicity, we keep the assumption in part (b). Use your answers in (a) and (b) to discuss the real interest rate, employment, real wages, nominal wages, consumption, investment, and the price level.
According to the misperceptions theory, modify the above AS-AD graph to show the short-term equilibrium.

Expert Solution

Rahul Sunny answered 2 years ago

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