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PLEASE YOU SHOULD SOLVE IT QUICKLY Aggregate demand and aggregate supply schedules in Burgazistan are given as follows: Price level Real GDP demanded Real GDP supplied in the short run 75 600 400 85 550 450 95 500 500 105 450 550 115 400 600 125 350 650 135 300 700 a) What is the short-run macroeconomic equilibrium GDP level? (5 pts) b) What is the equilibrium price level? (5 pts) Suppose that the initial equilibrium you found in “a” is at the long run aggregate supply curve and the economy receives a negative demand shock which decreases aggregate demand by 100 at each price level. c) What is the new short-run macroeconomic equilibrium GDP level? (5 pts) d) What is the output gap? (5 pts) e) In the long-run the economy adjusts to the long-run equilibrium point. What is long-run equilibrium GDP level? (5 pts)
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