The following table shows the aggregate demand and aggregate supply schedules for the economy of Saint Andrews Aggregate Quantity Demanded Price Index Aggregate Quantity Supplied $200 80 $110 180 90 120 160 100 130 140 110 140 120 120 150 100 130 160 a) What are the equilibrium values of price and Real GDP b) If the price level were 100, would there be a surplus or a shortage How much Explain how the economy will revert back to equilibrium

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Question: The following table shows the aggregate demand and aggregate supply schedules for the economy of Saint Andrews Aggregate Quantity Demanded Price Index Aggregate Quantity Supplied

The following table shows the aggregate demand and aggregate supply schedules for the economy of Saint Andrews

Aggregate Quantity Demanded	Price Index	Aggregate Quantity Supplied
$200	80	$110
180	90	120
160	100	130
140	110	140
120	120	150
100	130	160

a) What are the equilibrium values of price and Real GDP? b) If the price level were 100, would there be a surplus or a shortage? How much? Explain how the economy will revert back to equilibrium.

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