An article in the Economist noted that in the first half of 2015, the value of Canadian oil exports declined and that "energy firms, which account for around a third of capital spending, are expected to slash investment by nearly 40% this year." As a result, real GDP in Canada declined during the first six months of 2015.
a. Use a basic aggregate demand and aggregate supply graph (with LRAS constant) to illustrate this situation.
b. On your graph show the adjustment back to long-run equilibrium.