Question: Use AD/AS model to solve the following problems. You have to DRAW and explain AD/AS model. Please notice: 1. After due date, there is no

Use AD/AS model to solve the following problems. You have to DRAW and explain AD/AS model. Please notice: 1. After due date, there is no chance to make up. 2. You can draw it on a piece of paper. 3. Upload your PDF document.

Q1. Hydraulic fracturing (fracking) has the potential to significantly increase the amount of natural gas produced in the United States. Assume a large percentage of factories and utility companies use natural gas. Scenario A: the economy is operating at full employment level of ouptput. Scenario B: The economy is operating below full employment.

what will happen to output, the price level, and employment as fracking becomes more widely used? Q2. Use AD/AS model to explain different types of inflation. Please explain stagflation with AD/AS model.

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