Along the aggregate demand curve AD2 curve, as the price lev

Homework Assistance Economics Along the aggregate demand curve AD2 curve, as the price lev

Economics

Along the aggregate demand curve AD2 curve, as the price lev

Along the aggregate demand curve AD2 curve, as the price level rises from 0.5 to 1.5, th equantity o… Show more Along the aggregate demand curve AD2 curve, as the price level rises from 0.5 to 1.5, th equantity of real output demanded declines from $3,000 billion to $2,000 billion. What happens to the aggregate quantity demanded in nominal terms over this interval? Using the formula for price elasticity of demand (the ratio of the percentage change in the quantity of a good demanded to a given percentage change in the quantity of a good demanded to given percentage change in its price), what is the elasticity of aggregate demand over this interval? • Show less

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