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)

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