Refer to the data in the table below. Suppose that the present equilibrium price level and level of real GDP are 100 and $215 and that data set A represents the relevant aggregate supply schedule for the economy.

A		B		C
Price Level	Real GDP	Price Level	Real GDP	Price Level	Real GDP
100	215	110	240	110	290
100	240	100	240	100	265
100	265	95	240	95	240
100	290	90	240	90	215

Instructions: Enter answers as the whole number.

A. What must be the current amount of real output demanded at the 100 price level?

$_____

B. If the amount of output demanded increased by $75 at the 100 price levels shown in A, what would be the new equilibrium real GDP? $ _____

In business cycle terminology, what would econpmists call this change in read GDP?

Answer rating: 100% (QA)

Required solution is given below Answer Ans A The given equilibrium price is ... View the full answer