Can I please get clarification that the graph I have drawn is correct for the table above?
And some assistance with the questions below.
a) Refer to the table below. Real GDP Supplied (inBillions) i. Using the information provided in the table above, plot the Aggregate Demand & Aggregate Supply curves by hand. Insert your drawing below and do not forget toindicate macroeconomic equilibrium. (3 marks) ii. Assume potential GD? is at $80 Billion. Illustrate potential GDP on your drawing Is therean inflationary or recessionary gap? Explain why. (2 marks) iii. Brieﬂy explain what your answer in (ii) means for movements in the money wage rate (nominal wages) as the economy moves from its short-run macroeconomic equilibrium toits long-term macroeconomic equilibrium.