The consequences of climate change on the economy is a popular topic in the media. Suppose that
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The consequences of climate change on the economy is a popular topic in the media.
Suppose that a series of wildfires destroys crops in the western states at the same time a hurricane destroys refineries on the Gulf Coast.
a) Using aggregate demand and supply analysis, explain how output and the inflation rate would be affected in the short and long runs.
b) Show your answer graphically.
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a In the short run the destruction of crops in the western states and refineries on the Gulf Coast w...View the full answer
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