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aggregate supply the phillips curve and AD/AS model a)write down phillips curve b)write down okun's law derive aggregate supply curve using part a)
aggregate supply the phillips curve and AD/AS model
a)write down phillips curve
b)write down okun's law
derive aggregate supply curve using part a) and b)
consider an economy with an oil shocked occurred if the oil shock result in the dramatic increase in price level,how would the incidence affect the economy ?explain all possible consequences of this oil shock by labelling them on the graph and find the new equilibrium level of the output after this shock