Question

Applying the AD/AS Model (please use graph a long with your answer) Consider the following two...

Applying the AD/AS Model (please use graph a long with your answer)

Consider the following two events

(i) Growth Surges in East Asia

(ii) A sharp increase in oil price

Use the AD-AS model to explain the seperate effects of each event on real GDP and the price level, starting from long-run equilibrium

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