Question: (2 marks) c) Suppose the aggregate demand and supply schedules for a hypothetical economy are as shown below: Amount of real Price level (price Amount

(2 marks) c) Suppose the aggregate demand and supply schedules for a hypothetical economy are as shown below: Amount of real Price level (price Amount of real domestic domestic output index) output supplied(billions demanded (billions $) $ 200 300 800 400 250 800 600 200 600 800 150 400 1000 100 200 Use these sets of data to draw the aggregate demand and aggregate supply curves. ( 7 marks) ii. Determine the equilibrium price and output level in this economy? Is it also the full-employment level of output? Explain your answer. (5 marks) iii. State and briefly explain the factors might cause a change in aggregate demand? ( 3 marks)
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