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I. UNIT II . . C. Aggregate De mand and Aggregate Supply 1. Equilibrium real GDP and price level with stationary AD and AS 2. The depiction of cyclical unemployment, demand-pull Inflation, and supply-side inflation 3. Aggregate demand stabilization policies

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Page 1: II. UNIT II.. C. Aggregate De mand and Aggregate Supply 1. Equilibrium real GDP and price level with stationary AD and AS 2. The depiction of cyclical

II. UNIT II..

C. Aggregate De mand and Aggregate Supply1. Equilibrium real GDP

and price level withstationary AD and AS

2. The depiction of cyclical unemployment, demand-pullInflation, and supply-side

inflation3. Aggregate demand stabilization

policies

Page 2: II. UNIT II.. C. Aggregate De mand and Aggregate Supply 1. Equilibrium real GDP and price level with stationary AD and AS 2. The depiction of cyclical

EQUILIBRIUM REAL GDP AND PRICE LEVEL

SHORT RUN

Page 3: II. UNIT II.. C. Aggregate De mand and Aggregate Supply 1. Equilibrium real GDP and price level with stationary AD and AS 2. The depiction of cyclical

PRICELEVEL

REALGDP

AS

AD

EQ. GDP

EQ.PRICELEVEL

Page 4: II. UNIT II.. C. Aggregate De mand and Aggregate Supply 1. Equilibrium real GDP and price level with stationary AD and AS 2. The depiction of cyclical

PRICELEVEL

REALGDP

AS

AD

EQ. GDP

EQ.PRICELEVEL

WHAT'S TRUE IN EQUILIBRIUM?

Page 5: II. UNIT II.. C. Aggregate De mand and Aggregate Supply 1. Equilibrium real GDP and price level with stationary AD and AS 2. The depiction of cyclical

PRICELEVEL

REALGDP

AS

AD

EQ. GDP

EQ.PRICELEVEL

WHAT'S TRUE IN EQUILIBRIUM?

PRICE LEVEL WHEREAGGREGATE QUANTITY SUPPLIEDEQUALS AGGREGATE QUANTITY

DEMANDED

Page 6: II. UNIT II.. C. Aggregate De mand and Aggregate Supply 1. Equilibrium real GDP and price level with stationary AD and AS 2. The depiction of cyclical

PRICELEVEL

REALGDP

AS

AD

EQ. GDP

EQ.PRICELEVEL

WHAT'S TRUE IN EQUILIBRIUM?

PRICE LEVEL WHEREAGGREGATE QUANTITY SUPPLIEDEQUALS AGGREGATE QUANTITY

DEMANDED

WE WILL END UP THERE

Page 7: II. UNIT II.. C. Aggregate De mand and Aggregate Supply 1. Equilibrium real GDP and price level with stationary AD and AS 2. The depiction of cyclical

PRICELEVEL

REALGDP

AS

AD

EQ. GDP

EQ.PRICELEVEL

NOTHING INHERENTLY GOODOR BAD ABOUT THE

EQUILIBRIUM

IT'S SIMPLY WHEREWE WILL END UP

Page 8: II. UNIT II.. C. Aggregate De mand and Aggregate Supply 1. Equilibrium real GDP and price level with stationary AD and AS 2. The depiction of cyclical

PRICELEVEL

REALGDP

AD

Page 9: II. UNIT II.. C. Aggregate De mand and Aggregate Supply 1. Equilibrium real GDP and price level with stationary AD and AS 2. The depiction of cyclical

PRICELEVEL

REALGDP

AD

AGGREGATE

Page 10: II. UNIT II.. C. Aggregate De mand and Aggregate Supply 1. Equilibrium real GDP and price level with stationary AD and AS 2. The depiction of cyclical

PRICELEVEL

REALGDP

AS

Page 11: II. UNIT II.. C. Aggregate De mand and Aggregate Supply 1. Equilibrium real GDP and price level with stationary AD and AS 2. The depiction of cyclical

PRICELEVEL

REALGDP

ASAGGREGATE

Page 12: II. UNIT II.. C. Aggregate De mand and Aggregate Supply 1. Equilibrium real GDP and price level with stationary AD and AS 2. The depiction of cyclical

PRICELEVEL

REALGDP

AS

Page 13: II. UNIT II.. C. Aggregate De mand and Aggregate Supply 1. Equilibrium real GDP and price level with stationary AD and AS 2. The depiction of cyclical

FIRST FIVE DETERMINE PRODUCTION COSTSPRODUCTION COST UP----SUPPLYDECREASES, ETC.1. resource prices2. technology and/or productivity3. taxes and subsidies4. price of other goods (particularly price of production alternatives)5. expectations (sellers' expectations about future prices) ************************6. number of sellers

DETERMINANTS OF SUPPLY

Page 14: II. UNIT II.. C. Aggregate De mand and Aggregate Supply 1. Equilibrium real GDP and price level with stationary AD and AS 2. The depiction of cyclical

PRICELEVEL

REALGDP

AS

Page 15: II. UNIT II.. C. Aggregate De mand and Aggregate Supply 1. Equilibrium real GDP and price level with stationary AD and AS 2. The depiction of cyclical

PRICELEVEL

REALGDP

ASPRODUCTION COSTS

UP

Page 16: II. UNIT II.. C. Aggregate De mand and Aggregate Supply 1. Equilibrium real GDP and price level with stationary AD and AS 2. The depiction of cyclical

PRICELEVEL

REALGDP

AS

Page 17: II. UNIT II.. C. Aggregate De mand and Aggregate Supply 1. Equilibrium real GDP and price level with stationary AD and AS 2. The depiction of cyclical

PRICELEVEL

REALGDP

AS

Page 18: II. UNIT II.. C. Aggregate De mand and Aggregate Supply 1. Equilibrium real GDP and price level with stationary AD and AS 2. The depiction of cyclical

PRICELEVEL

REALGDP

ASPRODUCTION COSTS

DOWN

Page 19: II. UNIT II.. C. Aggregate De mand and Aggregate Supply 1. Equilibrium real GDP and price level with stationary AD and AS 2. The depiction of cyclical

PRICELEVEL

REALGDP

AS

Page 20: II. UNIT II.. C. Aggregate De mand and Aggregate Supply 1. Equilibrium real GDP and price level with stationary AD and AS 2. The depiction of cyclical

PRICELEVEL

REALGDP

AS

AD

EQ. GDP

EQ.PRICELEVEL

Page 21: II. UNIT II.. C. Aggregate De mand and Aggregate Supply 1. Equilibrium real GDP and price level with stationary AD and AS 2. The depiction of cyclical

PRICELEVEL

REALGDP

EQ. GDP

AS

AD

EQ.PRICELEVEL

Page 22: II. UNIT II.. C. Aggregate De mand and Aggregate Supply 1. Equilibrium real GDP and price level with stationary AD and AS 2. The depiction of cyclical

PRICELEVEL

REALGDP

AS

AD

EQ. GDP

EQ.PRICELEVEL

Page 23: II. UNIT II.. C. Aggregate De mand and Aggregate Supply 1. Equilibrium real GDP and price level with stationary AD and AS 2. The depiction of cyclical

PRICELEVEL

REALGDP

AS

AD

EQ.PRICELEVEL

EQ.REAL GDP

Page 24: II. UNIT II.. C. Aggregate De mand and Aggregate Supply 1. Equilibrium real GDP and price level with stationary AD and AS 2. The depiction of cyclical

PRICELEVEL

REALGDP

AS

AD

EQ. GDP

EQ.PRICELEVEL

Page 25: II. UNIT II.. C. Aggregate De mand and Aggregate Supply 1. Equilibrium real GDP and price level with stationary AD and AS 2. The depiction of cyclical

PRICELEVEL

REALGDP

AS

AD

PRICELEVEL

Page 26: II. UNIT II.. C. Aggregate De mand and Aggregate Supply 1. Equilibrium real GDP and price level with stationary AD and AS 2. The depiction of cyclical

PRICELEVEL

REALGDP

AS

AD

PRICELEVEL

GDPPRODUCED

GDPDEMANDED

Page 27: II. UNIT II.. C. Aggregate De mand and Aggregate Supply 1. Equilibrium real GDP and price level with stationary AD and AS 2. The depiction of cyclical

PRICELEVEL

REALGDP

AS

AD

EQ. GDP

EQ.PRICELEVEL

Page 28: II. UNIT II.. C. Aggregate De mand and Aggregate Supply 1. Equilibrium real GDP and price level with stationary AD and AS 2. The depiction of cyclical

PRICELEVEL

REALGDP

AS

AD

PRICELEVEL

GDPDEMANDED

GDPPRODUCED


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