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mariomintchev Group Title

Explain and demonstrate on a graph how each of the following events would affect the short-run aggregate supply curve.

  • 2 years ago
  • 2 years ago

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  1. mariomintchev Group Title
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    a) An increase in the price level b) A price level that is currently higher than expected c) An unexpected increase in the price level of an important raw material

    • 2 years ago
  2. mariomintchev Group Title
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    @Chlorophyll

    • 2 years ago
  3. Laura* Group Title
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    ...if you posted this in econ before you posted it in mathematics, you wouldn't be getting the First Question tab here. You can post a link in the math chat asking for help. I'm really not happy with you right now.

    • 2 years ago
  4. Laura* Group Title
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    However, I said that I'd help you and I will.

    • 2 years ago
  5. mariomintchev Group Title
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    I asked for help in the economics chat before I posted my question in the math section.

    • 2 years ago
  6. mariomintchev Group Title
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    I posted my question in the maths section because everyone's always there. Plus economics is math related.

    • 2 years ago
  7. Laura* Group Title
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    You didn't post this in the economics group, however

    • 2 years ago
  8. Laura* Group Title
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    Not really, no. There's some math component, but all econ questions need to be posted in in the econ section

    • 2 years ago
  9. mariomintchev Group Title
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    ok i got that. you said that like 10 times. its not like ive done this a million times and ive aggravated you because of that.

    • 2 years ago
  10. Laura* Group Title
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    Actually, I've said it two or three times. You are at a high enough level to know the rules of OpenStudy, ergo I hold you to a higher standard. I've found a website that should help you. Take a look here: http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=short-run+aggregate+supply+curve

    • 2 years ago
  11. Laura* Group Title
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    If you still need help, let me know!

    • 2 years ago
  12. mariomintchev Group Title
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    i need help with the graphing mainly

    • 2 years ago
  13. mariomintchev Group Title
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    |dw:1332732549158:dw| s=supply d=demand

    • 2 years ago
  14. mariomintchev Group Title
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    the point can move and the lines can shift forward and backwards.

    • 2 years ago
  15. Laura* Group Title
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    Not on a SRAS curve. Take a look at the site. SRAS curves tend to be bowed out, it's not the basic supply/demand curve.

    • 2 years ago
  16. mariomintchev Group Title
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    |dw:1332732735283:dw||dw:1332732756340:dw|

    • 2 years ago
  17. mariomintchev Group Title
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    or like that

    • 2 years ago
  18. Laura* Group Title
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    Not exactly.

    • 2 years ago
  19. Laura* Group Title
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    |dw:1332732923098:dw| The y axis is "GDP Price Deflator" So when the price level changes, you will move along the curve, not shift it.

    • 2 years ago
  20. mariomintchev Group Title
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    yeah i know that. i was just saying that it can shift too, but not when price level just changes.

    • 2 years ago
  21. Laura* Group Title
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    Well, that's not what the question is asking so...

    • 2 years ago
  22. mariomintchev Group Title
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    i was just informing people that wanna help and are unfamiliar.

    • 2 years ago
  23. Laura* Group Title
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    A price level that is unexpectedly high will do nothing to the supply curve. It'd change the demand curve, but we aren't looking at the demand curve OR the price point, just supply.

    • 2 years ago
  24. Laura* Group Title
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    Let's see, that answers 2 of the three questions. So that leaves: c) An unexpected increase in the price level of an important raw material

    • 2 years ago
  25. Laura* Group Title
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    |dw:1332733970903:dw| Now, I'm awful at drawing in our draw tool, but when the raw material/resource quality, quantity, or price changes, it'll cause a shift in the SRAS curve. If the quantity or quality goes down or the price goes up, supply will decrease and the graph will move to the left. If the quantity or quality increases or the price decrease, the overall supply will increase and the graph will shift to the right.

    • 2 years ago
  26. mariomintchev Group Title
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    i dont understand why the point moves at times but at others the whole thing shifts

    • 2 years ago
  27. Laura* Group Title
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    So it depends on if there's something that changes the supply in the short term. That would cause the supply curve to shift. Changing the price level doesn't affect the supply being made, so there's just a change along the curve.

    • 2 years ago
  28. mariomintchev Group Title
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    i need help with graphing the following:

    • 2 years ago
  29. mariomintchev Group Title
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    starting from the long-run equilibrium, use the static aggregate demand and aggregate supply diagram to show what happens both in the long run and the short run when real gross domestic product (GDP) n the US rises slower than real GDP in foreign countries.

    • 2 years ago
  30. Laura* Group Title
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    Ye gods, we have officially hit my limit of knowledge, sorry!! I don't really know even where to look. It sounds like this is macroeconomics, which I didn't take a lot of. I'm going to ping @cshalvey, who, while not online right now, has a distinct advantage on me in this: he majored in Econ.

    • 2 years ago
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