3. The following table shows the aggregate demand and aggregate supply schedules for the economy of Queen's Island. The potential GDP is $1,600. a) What are the equilibrium values of price and real GDP? (1) b) What type of gap exists for Queen's Island and what is the size? (2) c) Assume that aggregate demand shifts so that the economy of Queen's Island is at full employment. (i) In which direction does AD shift and by how much does the AD change? (2) (ii) What are the new equilibrium values of price and real GDP? (1) d) Ignoring Part (c) and going back to the situation described in Part (b); assume that aggregate supply shifts so that economy of Queen's Island is at full employment. (i) In which direction does AS shift and by how much does the AS change? (2) (ii) What are the new equilibrium values of price and real GDP? (1)