Home / Business /The graph to the right shows an economy in a long-run macroeconomic equilibrium at point \( E \). Now suppose that this economy experiences a depletion of natural resources. Show the impact this event has on the economy's long-run macroeconomic equilibrium by (i) using the Line tool to draw and label a new LAS curve and (ii) using the Point tool to identify the new equilibrium point. Label this point \( E_{1} \). The shift in the LAS curve indicates that the economy's potential output has and its price level has

Question The graph to the right shows an economy in a long-run macroeconomic equilibrium at point \( E \). Now suppose that this economy experiences a depletion of natural resources. Show the impact this event has on the economy's long-run macroeconomic equilibrium by (i) using the Line tool to draw and label a new LAS curve and (ii) using the Point tool to identify the new equilibrium point. Label this point \( E_{1} \). The shift in the LAS curve indicates that the economy's potential output has and its price level has

3NMPIO The Asker · Economics

Transcribed Image Text: The graph to the right shows an economy in a long-run macroeconomic equilibrium at point \( E \). Now suppose that this economy experiences a depletion of natural resources. Show the impact this event has on the economy's long-run macroeconomic equilibrium by (i) using the Line tool to draw and label a new LAS curve and (ii) using the Point tool to identify the new equilibrium point. Label this point \( E_{1} \). The shift in the LAS curve indicates that the economy's potential output has and its price level has
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Transcribed Image Text: The graph to the right shows an economy in a long-run macroeconomic equilibrium at point \( E \). Now suppose that this economy experiences a depletion of natural resources. Show the impact this event has on the economy's long-run macroeconomic equilibrium by (i) using the Line tool to draw and label a new LAS curve and (ii) using the Point tool to identify the new equilibrium point. Label this point \( E_{1} \). The shift in the LAS curve indicates that the economy's potential output has and its price level has
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&#12304;General guidance&#12305;The answer provided below has been developed in a clear step by step manner.Step1/1The long run aggregate supply (LAS) curve would be shifted to the right following a sizable discovery of natural resources, signalling higher resources which would result in increasing production.By switching the LAS to the LAS', the impact is demonstrated. This modification has resulted in a decrease in price and an increase in quantity.<path transform="" transform-origin="270 235" d=" M 270 235 L 454 235 " fill="#FFFFFF" stroke="rgb(51, 51, 51)" stroke-width="2" stroke-dasharray="0" stroke-linecap="round" stroke-linejoin="round" stroke-miterlimit="10" dominant-baseline="text-before-edge" vector-effect="non-scaling-stroke" data-id="n-jfPcBMOS1cbAx9YIAkO"><path transform="" transform-origin="268.58331298828125 105" d=" M 268.58331298828125 80 L 268.58331298828125 236.41665649414062 " fill="#FFFFFF" stroke="rgb(51, 51, 51)" stroke-width="2" stroke-dasharray="0" stroke-linecap="round" stroke-linejoin="round" stroke-miterlimit="10" dominant-baseline="text-before-edge" vector-effect="non-scaling-stroke" data-id="NPEstnb1KoO7vxp8_Irrw"><path transform="" transform-origin="343.83331298828125 93" d=" M 343.83331298828125 ... See the full answer

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