Very easy graphing questions. Need asap.

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NAME____________________________________ BANNER ID ____________________________ Quantitative Literacy Assignment Aggregate Supply & Aggregate Demand ECO 2013 Consider the table below for the aggregate supply and aggregate demand for goods and services in the United States. Price Level – P (Y Axis) Real GDP Demanded in billions (AD) Real GDP Supplied in billions (AS) 50 60 70 80 90 100 110 120 130 140 150 160 170 16,300 16,200 16,100 16,000 15,900 15,800 15,700 15,600 15,500 15,400 15,300 15,200 15,100 15,100 15,200 15,300 15,400 15,500 15,600 15,700 15,800 15,900 16,000 16,100 16,200 16,300 Use the following Table for Excel Graph’s: Real GDP in billions Price Level – P AS (Y Axis) Price Level – P AD (Y Axis) 15,100 15,200 15,300 15,400 15,500 15,600 15,700 15,800 15,900 16,000 16,100 16,200 16,300 50 60 70 80 90 100 110 120 130 140 150 160 170 170 160 150 140 130 120 110 100 90 80 70 60 50 1. On the grid below, create a graph depicting the U.S. economy using the table above, and plot the AD and the AS. (Use EXCEL to plot the graph on a separate sheet if possible, but not required. Use titles on the graph, axes, and curves; USE X axis for Real GDP and Y axis for price level.). 2. Explain using 3-4 well written sentences, two of the reasons the AD curve is negatively sloped. In your explanation, use numerical examples for the price level and Real GDP changes. In addition, using 2-3 well written sentences and numerical examples, explain one of the reasons that the aggregate supply curve is positively sloped in the short-run. 3. Using the graph created from the data in the table, determine the short-run equilibrium price level and level of output. Explain using 2-3 well written sentences how this equilibrium point is determined and include the numerical values. 4. From your graph, explain using 2-3 sentences how an increase in real GDP could occur in the economy and give a specific written real world scenario or example. Include the resulting effect on price levels and give the correct terminology that corresponds to this type of price level change. 5. On your existing graph, draw what would happen if : 1) crude oil prices fell slightly in addition to 2) stock and housing prices declined sharply. Explain the result using 2-3 sentences and include numerical examples from your new graphical outcome. Compare the new position of the aggregate supply and demand curves, and the new short-run equilibrium compared to the old one.

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