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Aggregate Supply
Problems
Problem 1.1:
What relationship does the aggregate supply curve show?
[Solution]
Problem 1.2:
What is the equation for the aggregate supply curve in the
short run?
[Solution]
Problem 1.3:
What does each of the terms mean in the equation for the
short-term aggregate supply curve and what does the equation
mean overall?
[Solution]
Problem 1.4:
What is the slope of both the short run aggregate supply curve
and of the long run aggregate supply curve?
[Solution]
Problem 1.5:
Give one reason for why the long-term aggregate supply curve
is vertical and four models for why the short-term aggregate
supply curve is upward sloping.
[Solution]
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