ECON222 Microeconomics 2 Assignment 7 | Liverpool

Published: 18 Jun, 2025
Category Assignment Subject Econimic
University University of Liverpool (UOL) Module Title ECON222 Microeconomics 2
Assignment No.:  7
Due date: June 20, 2025 by 11:59pm

ECON222 Assignment 7:

In Chapter 13, we learned that we can use the macroeconomic model to analyze the changes to real GDP (Y), unemployment (u) and price level (PL) as a result of some event.

1.Draw the macroeconomic model at equilibrium. Label the axis and curves correctly - PL, GDP, AD, SRAS, LRAS. Also, correctly label the equilibrium PL, Y* and u*. (20 Points) 

2.Assume a drought severely lessens the corn harvest. Since corn has many uses including livestock feed and ethanol for gas, this drought causes

  1. short-term decrease in aggregate supply (SRAS). This is a negative supply shock.
  2. Graph the shift in the curve and the new PL, Y an U in the short-run (14 Points)
  3. Would a drought that negatively impacted the corn harvest increase or decrease output (Y) in the short-run? (12 points)
  4. Would it increase or decrease unemployment (u) in the short-run? (12 points)
  5. Would it increase or decrease the overall price level in the economy in the short-run?
    (12 points)
  6. What would happen to Y, u and PL in the long-run? (10 points)

Buy Answer of ECON222 Assignment 7 & Raise Your Grades

Order Non Plagiarized Assignment

Looking for expert guidance in ECON222 Microeconomics 2 Assignment 7? Worry, no need! We are here to help you with assignments. Whether you need Economics Assignment Help or well-structured solutions, we will provide everything. You will get assignment example sample that will make your study material stronger. our expert team are providing all assignment services, you will get accurate, clear, and original content. Now stop worrying about marks and complete your assignments hassle-free with expert support. So what's the delay? Get connected with us now and make your academic journey easy!

Workingment Unique Features

Hire Assignment Helper Today!


Latest Free Samples for University Students

RBP020L063H Leadership and Change Management Assignment Sample

Category: Assignment

Subject: Management

University: University of Roehampton

Module Title: RBP020L063H Leadership and Change Management

View Free Samples

HRMM080 Ethical and Responsible Leadership AS2 Reflective Portfolio Sample

Category: Assignment

Subject: Management

University: University of Northampton

Module Title: HRMM080 Ethical and Responsible Leadership

View Free Samples

ACAD1346 The child’s live Experience Developing Confidence Learners Assignment Sample

Category: Assignment

Subject: Education

University: University of Greenwich (UOG)

Module Title: ACAD1346 The child’s live Experience Developing Confidence Learners

View Free Samples

NUR7011 Developing Healthcare Leaders Assignment Sample | BPP

Category: Assignment

Subject: Nursing

University: BPP University

Module Title: NUR7011 Developing Healthcare Leaders

View Free Samples

Project Management, Leadership and Skills: Planning & Control Portfolio Example

Category: Assignment

Subject: Management

University: University of Salford Manchester

Module Title: Project Management, Leadership and Skills: Planning & Control

View Free Samples
Online Assignment Help in UK