Question: Assignment is due today. If you could help me by answering I'll give you a tip. Thank you uph one quote ECON 3350 Problem Set

Assignment is due today. If you could help me by answering I'll give you a tip. Thank you

uph one quote ECON 3350 Problem Set II - Page 3 of 3 9/23/2021 ECON 3350 Problem Set II - Page 2 of 3 9/23/2021 1. (80 points) Consider the model of aggregate demand presented in class. The inputs into the AD curve are the IS curve and the MP rule, as shown below At d - x IS : yt = 1 - mpc 1 - mpc -rt (1) MP : 1 = Tt + Ant (2) (a) (20 points) Algebracally derive the AD curve as done in class and express it as inflation (7t) as a function of output (yt). (b) (20 points) Explain how the value of A affects the slope of the AD curve. (c) (20 points) Given the aggregate demand function you derived, explain why the Taylor Principle must be satisfied for AD to be downward sloping. (d) (20 points) Explain how the value of A affects how much the AD curve shifts hori- zontally in response to changes in At

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