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(Solved) Step 1 Plot the graphs. Using the data below, plot the graphs: Plot the short-run Phillips curve and the aggregate supply curve on separate graphs.


Step 1 Plot the graphs.

Using the data below, plot the graphs:

  • Plot the short-run Phillips curve and the aggregate supply curve on separate graphs.
  • Plot the long-run Phillips curve on a separate graph, when the natural unemployment rate is 6%.

Inflation Rate Unemployment Rate Price Level Real GDP

2 7 104 9.8

3% 6% 103 10.0

4% 5% 102 10.2


To solve a problem that requires a graph, do the following:

  • Using (free) online graphing software such as "Padowan," create a graph.
  • Follow the instructions on the website to learn how to create and manipulate the graph(s).
  • Save the graph(s) to your computer as a jpeg file.
  • Feel free to draw your graph by hand, take a picture and save the graph to your computer as a jpeg file.
  • Copy and paste the jpeg into the assignment document that you deliver to your instructor.
  • Clearly identify your final answer.

Step 2 Illustrate changes.

Use the long-run Phillips curve graph in Step 1 to plot changes in unemployment and inflation based on the following scenarios:

  • There is a change in Federal Reserve policy regarding the growth of the money supply. What if the markets do not believe in the policy?
  • There is a change in the natural rate of unemployment.
  • There is a change in aggregate demand and inflation rates.

Step 3 Write a paper that compares short-run and long-run Phillips curves.

Below your graph, write a paragraph (100 words) that addresses the following:

  • Compare the short-run and long-run Phillips curves.
  • In your own words, explain the link between inflation and unemployment.

 


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