Business, 13.04.2021 04:40, Lovebamagirl12
Consider the following Keynesian (short-run) model along with the Classical (long-run) model of the economy. Labor Supply: , Capital Supply: , Production Function: , Depreciation Rate: , Consumption Function: Investment Function: Government Spending: Tax Collections: Money Demand Function: , Money Supply: , Price Level: a. Find an expression for the IS curve and plot it. b. Find an expression for the LM curve and plot it. c. Find the short run equilibrium level of output and real interest rates. d. Find an expression for the AD curve. (Hint: The aggregate demand function is found by setting the IS curve equal to the LM curve to eliminate r while leaving the price level P unconstrained. So start by LM curve with an unconstrained P, then replace r with the IS expression you got in part a.) e. Find an expression for LRAS curve. f. What are the long run equilibrium values of output, prices, and interest rate
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Consider the following Keynesian (short-run) model along with the Classical (long-run) model of the...
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