Answer the following questions on the basis of the three sets of data for the country of North Vaudeville:
a. Which sets of data illustrates aggregate supply in the immediate short-run in North Vaudeville? The short-run? The long-run?
b. Assuming no change in the hours of work, if real output per hour of work increases by 10 percent, what will be the new levels of real GDP in the right column of A? Does the new data reflect an increase in aggregate supply or does it indicate a decrease in aggregate supply?