Assume the short-run aggregate supply curve can be, Business Economics

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Assume the short-run aggregate supply curve can be

Assume the short-run aggregate supply curve can be expressed algebraically as: Y = 4,500 + 3,000π and the dynamic aggregate demand curve can be written as: Y = 5,000 – 1,000π

a. Find the numerical value for the short-run inflation rate? Show your work.

b. Find the numerical value for equilibrium output in the short run? Show your work.

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