Figure 14.1 shows aggregate planned expenditure when the price level is 100. When the price level increases

Question:

Figure 14.1 shows aggregate planned expenditure when the price level is 100. When the price level increases to 110, aggregate planned expenditure changes by $0.5 trillion. What is the quantity of real GDP demanded when the price level is 100 and 110?

FIGURE 14.1 Chapter Checkpoint Study Plan Problem 6 Aggregate planned expenditure (trillions of 2009 dollars) AE Real GD