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What might shift the aggregate-supply curve to the left Use the model of aggregate

Principles of Economics | 6th Edition | ISBN: 9780538453059 | Authors: N. Gregory Mankiw ISBN: 9780538453059 472

Solution for problem Questions for Review 33.7 Chapter 33

Principles of Economics | 6th Edition

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Principles of Economics | 6th Edition | ISBN: 9780538453059 | Authors: N. Gregory Mankiw

Principles of Economics | 6th Edition

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Problem Questions for Review 33.7

What might shift the aggregate-supply curve to the left? Use the model of aggregate demand and aggregate supply to trace through the short-run and long-run effects of such a shift on output and the price level.

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Week 5 Notes Elastic v. Inelastic Steep Flat Inelastic Elastic Little change in Big change in Qd Qd Little Ed Big Ed Determinants of Ed Number of substitutes- moves with elasticity Time in which to make the purchase- moves with elasticity Proportion of income- proportion and elasticity move together Necessity- moves opposite Total Revenue  Money earned from selling goods and services  NOT the same as profit  TR= P X Q Ex. 1 P1= $1 Q1= 150 Find Ed (using midpoint) and change in TR P2= $1.25 Q2= 100 Ed= 1.80= elastic Change in TR= -$25 If TR rises as P falls= elastic If TR falls as P falls= inelastic Elasticity decreases as quantity inc

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Chapter 33, Problem Questions for Review 33.7 is Solved
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Textbook: Principles of Economics
Edition: 6
Author: N. Gregory Mankiw
ISBN: 9780538453059

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What might shift the aggregate-supply curve to the left Use the model of aggregate