Short-run equilibrium
Task: Short run equilibrium occurs where AD=SRAS, this may or may not coincide with the full employment level of equilibrium. If AD or SRAS change then so will the price level and the level of real income/output/GDP. You will be given a packet to show short run equilibrium and some tasks in which you will analyse the impact of various scenarios on the economy using AD/SRAS analysis. Equilibrium in the monetarist/new classical model
Task: These objectives are also addressed in the packet and will be practicing drawing graphs and using them to explain long-run equilibrium positions.
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