Home / Business /The graph to the right shows an economy's long - run aggregate supply curve. Show the determination of the economy's long-run macroeconomic equilibrium by (i) using the Line tool to draw and label the aggregate demand curve to show an equilibrium and (ii) using the Point tool to identify the equilibrium point. Label this point \( E \). The intersection at point \( E \) occurs at the real GDP corresponding to employment. The graph to the right shows an economy's long - run aggregate supply curve. Show the determination of the economy's long-run macroeconomic equilibrium by (i) using the Line tool to draw and label the aggregate demand curve to show an equilibrium and (ii) using the Point tool to identify the equilibrium point. Label this point \( E \). The intersection at point E occurs at the real GDP corresponding to employment.

Question The graph to the right shows an economy's long - run aggregate supply curve. Show the determination of the economy's long-run macroeconomic equilibrium by (i) using the Line tool to draw and label the aggregate demand curve to show an equilibrium and (ii) using the Point tool to identify the equilibrium point. Label this point \( E \). The intersection at point \( E \) occurs at the real GDP corresponding to employment. The graph to the right shows an economy's long - run aggregate supply curve. Show the determination of the economy's long-run macroeconomic equilibrium by (i) using the Line tool to draw and label the aggregate demand curve to show an equilibrium and (ii) using the Point tool to identify the equilibrium point. Label this point \( E \). The intersection at point E occurs at the real GDP corresponding to employment.

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Transcribed Image Text: The graph to the right shows an economy's long - run aggregate supply curve. Show the determination of the economy's long-run macroeconomic equilibrium by (i) using the Line tool to draw and label the aggregate demand curve to show an equilibrium and (ii) using the Point tool to identify the equilibrium point. Label this point \( E \). The intersection at point \( E \) occurs at the real GDP corresponding to employment. The graph to the right shows an economy's long - run aggregate supply curve. Show the determination of the economy's long-run macroeconomic equilibrium by (i) using the Line tool to draw and label the aggregate demand curve to show an equilibrium and (ii) using the Point tool to identify the equilibrium point. Label this point \( E \). The intersection at point E occurs at the real GDP corresponding to employment.
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Transcribed Image Text: The graph to the right shows an economy's long - run aggregate supply curve. Show the determination of the economy's long-run macroeconomic equilibrium by (i) using the Line tool to draw and label the aggregate demand curve to show an equilibrium and (ii) using the Point tool to identify the equilibrium point. Label this point \( E \). The intersection at point \( E \) occurs at the real GDP corresponding to employment. The graph to the right shows an economy's long - run aggregate supply curve. Show the determination of the economy's long-run macroeconomic equilibrium by (i) using the Line tool to draw and label the aggregate demand curve to show an equilibrium and (ii) using the Point tool to identify the equilibrium point. Label this point \( E \). The intersection at point E occurs at the real GDP corresponding to employment.
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&#12304;General guidance&#12305;The answer provided below has been developed in a clear step by step manner.Step1/2The aggregate demand and the aggregate supply curve are related to the macroeconomic equilibrium where the aggregate demand represents the demand for consumption, demand for investment and the demand of government along with the foreign sectors. These curves together determine the equilibrium level of the output and the price level of the economy.ExplanationThe aggregate demand curve is called the AD curve and aggregate supply curve for the short run is SRAS and the long run supply curve is LRAS.Explanation:Please refer to solution in this step.Step2/2Given is the aggregate supply curve of the long run, which also represent the potential output of the economy. To determine the long run equilibrium, the aggregate demand curve (AD) is drawn,Graphically,0<path transform="" transform-origin="138.41649269250001 136.3174150906" d=" M 138.41649269250001 136.3174150906 L 153.53490331740335 136.3174150906 " fill="#FFFFFF" stroke="rgb(51, 51, 51)" stroke-width="1" stroke-dasharray="0" stroke-linecap="round" stroke-linejoin="round" stroke-miterlimit="10" dominant-baseline="text-before-edge" vector-effect="non-scaling-stroke" data-id="p--KtCt">Price level<path transform="" transform-origin="408.2219746138 402.7960119365" d=" M 408.2219746138 417.91442256140334 L 408.2219746138 402.7960119365 " fill="#FFFFFF" stroke="rgb(51, 51, 51)" stroke-width="1" stroke-dasharray="0" stroke-linecap="round" stroke-linejoin="round" stroke-miterlimit="10" dominant-baseline ... See the full answer

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