Question
In: Economics
Answer the following questions on the basis of the three sets of data for the country of North Vaudeville
Answer the following questions on the basis of the three sets of data for the country of North Vaudeville
a. Which set of data illustrates aggregate supply in the immediate short-run in North Vaudeville?
The data in (Click to select)
Which set of data illustrates aggregate supply in the short run in North Vaudeville?
The data in (Click to select)
Which set of data illustrates aggregate supply in the long run in North Vaudeville?
The data in (Click to select)
b. Assuming no change in hours of work, if real output per hour of work increases by 15 percent, what will be the new levels of real
GDP in the right column of B?
Instructions: Round your answers to 2 decimal places.
With a price level of 110, new output =
With a price level of 100, new output =
With a price level of 95, new output =
With a price level of 90. new output =
Solutions
Expert Solution
a) 1. Ans: The data in set C.
Explanation:
Because because the price has no time to get adjusted, and only the real output changes.
2. Ans: The data in set B.
Explanation:
Data in set B represents the simple rule of law of supply. As price decreases, aggregate suppy decreases. This happens in the short run.
3. Ans: The data in set A.
Explanation:
In the long run, aggregate supply curve is vertica or perfectly inelastic. Data set A represents as price changes there is no change in aggregate supply.
b) With price level of 110, new output = 280 * 1.15 = 322
With price level of 100, new output = 255 * 1.15 = 293.25
With price level of 95, new output = 230 * 1.15 = 264.50
With price level of 90, new output = 205 * 1.15 = 235.75
Rahul Sunny answered 2 years agoRelated Solutions
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