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For the following questions, please refer to figure 1. 1) Suppose t.pdf

  1. For the following questions, please refer to figure 1. 1) Suppose the short-run equilibrium is at the Y2,P2. a) What kind of gap is this economy in? b) Give 2 examples that could cause AD1 to shift to AD2. 2) Suppose the short-run equilibrium is at Y1, P2. a) What kind of gap is this economy in? b) Give 2 examples that could cause SRAS1 to shift to SRAS2.
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