Chapter 29 - Aggregate Demand and Aggregate Supply
Chapter 29 Aggregate Demand and Aggregate Supply
QUESTIONS
1. Why is the aggregate demand curve downsloping? Specify how your explanation differs from
the explanation for the downsloping demand curve for a single product. What role does the
multiplier play in shifts of the aggregate demand curve? LO1
Answer: The aggregate demand (AD) curve shows that as the price level drops,
purchases of real domestic output increase. The AD curve slopes downward for three
reasons. The first is the interest-rate effect. We assume the supply of money to be fixed.
When the price level increases, more money is needed to make purchases and pay for
inputs. With the money supply fixed, the increased demand for it will drive up its price,
the rate of interest. These higher rates will decrease the buying of goods with borrowed
money, thus decreasing the amount of real output demanded.
The second reason is the real balances effect. As the price level rises, the real value—the
purchasing power—of money and other accumulated financial assets (bonds, for
instance) will decrease. People will therefore become poorer in real terms and decrease
the quantity demanded of real output.
The third reason is the foreign purchases effect. As the United States’ price level rises
relative to other countries, Americans will buy more abroad in preference to their own
output. At the same time foreigners, finding American goods and services relatively
more expensive, will decrease their buying of American exports. Thus, with increased
imports and decreased exports, American net exports decrease and so, therefore, does the
quantity demanded of American real output.
These reasons for the downsloping AD curve have nothing to do with the reasons for the
downsloping single-product demand curve. In the case of the dropping price of a single
product, the consumer with a constant money income substitutes more of the now
relatively cheaper product for those whose prices have not changed. Also, the consumer
has become richer in real terms, because of the lower price of the one product, and can
buy more of it and all other products. But with the AD curve, moving down the curve
means all prices are dropping—the price level is dropping. Therefore, the single-product
substitution effect does not apply. Also, whereas when dealing with the demand for a
single product the consumer’s income is assumed to be fixed, the AD curve specifically
excludes this assumption. Movement down the AD curve indicates lower prices but, with
regard to the circular flow of economic activity, it also indicates lower incomes. If prices
are dropping, so must the receipts or revenues or incomes of the sellers. Thus, a decline
in the price level does not necessarily imply an increase in the nominal income of the
economy as a whole.
The multiplier acts on an “initial change in spending” to generate an even greater shift in
the aggregate demand curve. (Figure 29.2)
2. Distinguish between “real-balances effect” and “wealth effect,” as the terms are used in this
chapter. How does each relate to the aggregate demand curve? LO1
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Chapter 29 - Aggregate Demand and Aggregate Supply
Answer: The “real balances effect” refers to the impact of price level on the purchasing
power of asset balances. If prices decline, the purchasing power of assets will rise, so
spending at each income level should rise because people’s assets are more valuable.
The reverse outcome would occur at higher price levels. The “real balances effect” is one
explanation of the inverse relationship between price level and quantity of expenditures.
The “wealth effect” assumes the price level is constant, but a change in consumer wealth
causes a shift in consumer spending; the aggregate expenditures curve will shift right.
For example, the value of stock market shares may rise and cause people to feel wealthier
and spend more. A stock decline can cause a decline in consumer spending.
3. What assumptions cause the immediate-short-run aggregate supply curve to be horizontal?
Why is the long-run aggregate supply curve vertical? Explain the shape of the short-run aggregate
supply curve. Why is the short-run curve relatively flat to the left of the full-employment output
and relatively steep to the right? LO2
Answer: The immediate short-run supply curve is horizontal because of contractual
agreements. These ‘contracts’ for both input and output prices imply that prices do not
change along the immediate short-run aggregate supply curve.
The long-run aggregate supply curve is vertical (at the full-employment or potential
output) because the economy’s potential output is determined by the availability and
productivity of real resources, not by the price level. The availability and productivity of
real resources is reflected in the prices of inputs, and in the long run these input prices
(including wages) adjust to match changes in the price level. Firms have no incentive to
increase production to take advantage of higher prices if they simultaneously face equally
higher resource prices.
The shape of the short-run supply curve is upsloping. Wages and other input prices
adjust more slowly than the price level, leaving room for firms to take advantage of these
higher prices (temporarily) by increasing output. Firms face increasing per unit
production costs as they increase output, making higher prices necessary to induce them
to produce more.
To the left of full-employment output the curve is relatively flat because of the large
amounts of unused capacity and idle human resources. Under such conditions, per-unit
production costs rise slowly because of the relative abundance of available inputs.
Additional resources are easily brought into production, as the suppliers of these
resources (especially labor) are anxious to employ them and are happy to accept current
prices.
To the right of full-employment output the curve is relatively steep because most
resources are already employed. Those resources that are not yet in production require
higher prices to induce them, or generate higher per-unit production costs because they
are less productive than currently employed inputs. Firms trying to increase production
bid up input prices as they attempt to attract resources away from other firms. Even if the
firm succeeds in pulling resources from another firm, the aggregate increase in output is
minimal at best, as resources are merely shifted from one productive process to another.
4. What effects would each of the following have on aggregate demand or aggregate supply, other
things equal? In each case use a diagram to show the expected effects on the equilibrium price
level and the level of real output, assuming that the price level is flexible both upward and
downward. LO3
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Chapter 29 - Aggregate Demand and Aggregate Supply
a. A widespread fear by consumers of an impeding economic depression.
b. A new national tax on producers based on the value-added between the costs of the inputs and
the revenue received from their output.
c. A reduction in interest rates at each price level.
d. A major increase in spending for health care by the Federal government.
e. The general expectation of coming rapid inflation.
f. The complete disintegration of OPEC, causing oil prices to fall by one-half.
g. A 10 percent across-the-board reduction in personal income tax rates.
h. A sizable increase in labor productivity (with no change in nominal wages).
i. A 12 percent increase in nominal wages (with no change in productivity).
j. An increase in exports that exceeds an increase in imports (not due to tariffs).
Answer:
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(i)
(j)
AD curve left, output down and price level down (assuming no ratchet effect).
AS curve left, output down and price level up.
AD curve right, output and price level up.
AD curve right, output and price level up (any real improvements in health care
resulting from the spending would eventually increase productivity and shift AS
right).
AD curve right, output and price level up.
AS curve right, output up and price level down.
AD curve right, output and price level up.
AS curve right, output up and price level down.
AS curve left, output down and price level up.
AD curve right (increased net exports); AS curve left (higher input prices)
5. Assume that (a) the price level is flexible upward but not downward and (b) the economy is
currently operating at its full-employment output. Other things equal, how will each of the
following affect the equilibrium price level and equilibrium level of real output in the short run?
LO3
a. An increase in aggregate demand.
b. A decrease in aggregate supply, with no change in aggregate demand.
c. Equal increases in aggregate demand and aggregate supply.
d. A decrease in aggregate demand.
e. An increase in aggregate demand that exceeds an increase in aggregate supply.
Answer:
(a)
(b)
(c)
(d)
(e)
Price level rises rapidly and little change in real output.
Price level rises and real output decreases.
Price level does not change, but real output increases.
Price level does not change, but real output declines.
Price level increases somewhat, with a relatively large change in output.
6. Explain how an upsloping aggregate supply curve weakens the realized multiplier effect from
an initial change in investment spending. LO3
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Chapter 29 - Aggregate Demand and Aggregate Supply
Answer: An upsloping aggregate supply curve weakens the effect of the multiplier
because any increase in aggregate demand will have both a price and an output effect.
For example, if aggregate demand grows by $110 million as a result of increased in
investment spending, this could represent an increase of $100 million in real output and
$10 million in higher prices if the inflation rate averages 10 percent. The multiplier is
weakened because some of the increase in aggregate demand is absorbed by the higher
prices and real output does not change by the full extent of the change in aggregate
demand.
7. Why does a reduction in aggregate demand in the actual economy reduce real output, rather
than the price level? Why might a full-strength multiplier apply to a decrease in aggregate
demand? LO3
Answer: A reduction in aggregate demand causes a decline in real output rather than the
price level because prices are inflexible downward (“sticky”). If we assume prices are
completely inflexible downward, then a reduction in demand is essentially moving
leftward and the aggregate supply curve is flat (horizontal), which means reduced output
at a constant price. To say prices are completely inflexible downward may be an
exaggeration, but prices don’t fall easily for several reasons: wage contracts, minimum
wage laws, employee morale, fear of price wars and the “menu cost” notion.
Without price changes to mitigate the effects of an aggregate demand change, the
multiplier is at full strength. If price were flexible downward, the decrease in spending
would lower prices, encouraging some individuals within the macro-economy to spend
more, dampening the multiplier effects.
8. Explain: “Unemployment can be caused by a decrease of aggregate demand or a decrease of
aggregate supply.” In each case, specify the price-level outcomes. LO4
Answer: The statement is true, although the magnitude of the effect on unemployment
can vary considerably, particularly with decreases in aggregate demand. A decrease in
aggregate supply will unambiguously increase the price level and reduce real output.
With the decrease in output we would expect unemployment to rise. If the economy is
operating above its full-employment output, a decrease in aggregate demand will have
more modest effects on unemployment, having its strongest impact on the price level
(reducing it). If aggregate demand falls while the economy is operating to the left of fullemployment output, the increases in unemployment will be more substantial, and the
effects on the price level weaker.
9. Use shifts of the AD and AS curves to explain (a) the U.S. experience of strong economic
growth, full employment, and price stability in the late 1990s and early 2000s and (b) how a
strong negative wealth effect from, say, a precipitous drop in house prices could cause a recession
even though productivity is surging. LO4
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Chapter 29 - Aggregate Demand and Aggregate Supply
Answer:
(a) While AD is increasing and shifting to right, AS is shifting rightward as well,
because of productivity increasing and growing labor force. Thus, both output and
employment can rise while price level remains constant. The equilibrium shifts
rightward, not upward because AS and AD shift by similar magnitudes. (see Figure
29.11)
(b) In this situation AD shifts left from AD1 to AD2 because of the precipitous drop in
house prices while AS shifts right from AS1 to AS2 because productivity is surging.
This causes prices to fall from P1 to P2 and output to fall from Q1 to Q2, resulting in a
recession.
AS1
AS2
P1
P2
AD1
AD2
Q2
Q1
10. In early 2001 investment spending sharply declined in the United States. In the 2 months
following the September 11, 2001 attacks on the United States, consumption also declined. Use
AD-AS analysis to show the two impacts on real GDP. LO4
Answer: Both events would be represented by a leftward shift in aggregate demand, and
the initial declines in spending would be multiplied. (See Figure 29-2, shift from AD1 to
AD3.) This would cause real GDP to drop and, assuming flexible prices, a drop in the
price level. To the extent the drop in investment spending affected productivity, it could
have either shifted AS left (if productivity dropped) or slowed the rightward movement
of AS that occurred through much of the 1990s and into the early 2000s.
11. Last Word Go to the OPEC Web sitehttp://www.opec.org, and find the current “OPEC basket
price” of oil. By clicking on that amount, you will find the annual prices of oil for the past 5
years. By what percentage is the current price higher or lower than 5 years ago? Next, go to the
Bureau of Economic Analysis Web sitehttp://www.bea.gov, and use the interactive feature to find
U.S. real GDP for the past years. By what percentage is real GDP higher or lower than it was 5
years ago? What if, anything, can you conclude about the relationship between the price of oil
and the level of real GDP in the United States?
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Chapter 29 - Aggregate Demand and Aggregate Supply
Answer: Answers will vary depending on when this question is assigned.
PROBLEMS
1. Suppose that consumer spending initially rises by $5 billion for every 1 percent rise in
household wealth and that investment spending initially rises by $20 billion for every 1
percentage point fall in the real interest rate. Also assume that the economy’s multiplier is 4. If
household wealth falls by 5 percent because of declining house values, and the real interest rate
falls by two percentage points, in what direction and by how much will the aggregate demand
curve initially shift at each price level? In what direction and by how much will it eventually
shift? LO1
Answers: rightward by $15 billion; rightward by $60 billion.
Feedback: Consider the following example. Suppose that consumer spending initially rises by
$5 billion for every 1 percent rise in household wealth and that investment spending initially rises
by $20 billion for every 1 percentage point fall in the real interest rate. Also assume that the
economy’s multiplier is 4. If household wealth falls by 5 percent because of declining house
values, and the real interest rate falls by two percentage points, in what direction and by how
much will the aggregate demand curve initially shift at each price level? In what direction and by
how much will it eventually shift?
Suppose that consumer spending initially rises by $5 billion for every 1 percent rise in household
wealth. If household wealth falls by 5 percent because of declining house values the initial shift in
aggregate demand will be to the left (decline in real GDP) by $25 billion ( = 5 (percent decline in
wealth) x $5 (consumer spending for every 1% change)). Note the positive relationship between
wealth and consumer spending.
Also, suppose that investment spending initially rises by $20 billion for every 1 percentage point
fall in the real interest rate. If the real interest rate falls by two percentage points the initial shift in
aggregate demand will be to the right (increase in real GDP) by $40 billion ( = 2 (percentage
point decline in interest rate) x $20 (investment spending for every 1 percentage point change)).
Note the inverse relationship between the interest rate and investment.
The combined initial effect is a shift to the right of the aggregate demand curve by $15 billion.
There is a decrease of $25 billion from consumer expenditure and an increase of $40 billion from
investment expenditure, thus, the net effect is a positive $15 billion.
Given that the multiplier is 4, the aggregate demand curve will shift to the right by $60 billion
after the multiplier process works its way through the economy ( = 4 (multiplier) x $15 billion
(initial net impact on aggregate demand).
2. Answer the following questions on the basis of the three sets of data for the country of North
Vaudeville: LO2
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Chapter 29 - Aggregate Demand and Aggregate Supply
a. Which set of data illustrates aggregate supply in the immediate short-run in North Vaudeville?
The short run? The long run?
b. Assuming no change in 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?
Answers: (a) B, A, C; (b) 302.5, 275, 247.5, 220; an increase.
Feedback: Consider the following data as an example.
Part a:
Which set of data illustrates aggregate supply in the immediate short-run in North
Vaudeville?
The data in B. The price level does not have time to adjust in the immediate short-run.
Only output can change.
Which set of data illustrates aggregate supply in the short-run in North Vaudeville?
The data in A. The price level only has time to partially adjust in the short-run. Both the
price level and output can change.
Which set of data illustrates aggregate supply in the long-run in North Vaudeville?
The data in C. The price level has time to completely adjust in the long-run. Only price
will change.
Part b:
Assuming no change in 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?
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whole or part.
Chapter 29 - Aggregate Demand and Aggregate Supply
To find the new level of output at each price level multiply the original values by 1.1.
Price level 110: New output equals 302.5 (=1.1 x 275)
Price level 100: New output equals 275 (=1.1 x 250)
Price level 95: New output equals 247.5 (=1.1 x 225)
Price level 90: New output equals 220 (=1.1 x 200)
Does the new data reflect an increase in aggregate supply or does it indicate a decrease in
aggregate supply?
This is an increase in aggregate supply because output has increased at every price level.
3. Suppose that the aggregate demand and aggregate supply schedules for a hypothetical economy
are as shown below: LO3
a. Use these sets of data to graph the aggregate demand and aggregate supply curves. What is the
equilibrium price level and the equilibrium level of real output in this hypothetical economy? Is
the equilibrium real output also necessarily the full-employment real output?
b. If the price level in this economy is 150, will quantity demanded equal, exceed, or fall short of
quantity supplied? By what amount? If the price level is 250, will quantity demanded equal,
exceed, or fall short of quantity supplied? By what amount?
c. Suppose that buyers desire to purchase $200 billion of extra real output at each price level.
Sketch in the new aggregate demand curve as AD1. What is the new equilibrium price level and
level of real output?
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Chapter 29 - Aggregate Demand and Aggregate Supply
Answer: (a) See the graph. Equilibrium price level = 200; equilibrium real output = $300
billion. No.
(b) Exceed by $200 billion; fall short by $200 billion.
(c) On the original graph, AD curve shifts rightward. The new equilibrium price level = 250.
The new equilibrium GDP = $400 billion.
Feedback:
(a) See the graph. Equilibrium price level = 200, which occurs where aggregate supply
equals aggregate demand, Thus the equilibrium real output = $300 billion. No, the
full-capacity level of GDP cannot be determined without more information.
(b) At a price level of 150, real GDP supplied is a maximum of $200 billion, less than
the real GDP demanded of $400 billion. Thus, quantity demanded exceeds the
quantity supplied by $200 billion. At a price level of 250, real GDP supplied is $400
billion, which is more than the real GDP demanded of $200 billion. Thus, quantity
demanded falls short of the quantity supplied by $200 billion.
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whole or part.
Chapter 29 - Aggregate Demand and Aggregate Supply
(c) See the graph from part a. Increases in consumer, investment, government, or net
export spending might shift the AD curve rightward. The new values for the
aggregate demand schedule are:
Amount of Real GDP
Demanded, Billions
Price Level
(Price Index)
Amount of Real GDP
Supplied, Billions
$300 (=$100 + $200)
300
$450
$400 (=$200 + $200)
250
400
$500 (=$300 + $200)
200
300
$600 (=$400 + $200)
150
200
$700 (=$500 + $200)
100
100
The new equilibrium price level = 250 where aggregate supply equals aggregate demand.
The new equilibrium GDP = $400 billion.
4. Suppose that the table below shows an economy’s relationship between real output and the
inputs needed to produce that output: LO3
a. What is productivity in this economy?
b. What is the per-unit cost of production if the price of each input unit is $2?
c. Assume that the input price increases from $2 to $3 with no accompanying change in
productivity. What is the new per-unit cost of production? In what direction would the $1
increase in input price push the economy’s aggregate supply curve? What effect would this shift
of aggregate supply have on the price level and the level of real output?
d. Suppose that the increase in input price does not occur but, instead, that productivity increases
by 100 percent. What would be the new per-unit cost of production? What effect would this
change in per-unit production cost have on the economy’s aggregate supply curve? What effect
would this shift of aggregate supply have on the price level and the level of real output?
Answer: (a) 2.6667; (b) $0.75; (c) $1.125; shift left; output will decrease and prices will rise
in the short-run; (d) $0.375; shift to right; prices will fall and output will increase in the
short run.
Feedback: Consider the following example.
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whole or part.
Chapter 29 - Aggregate Demand and Aggregate Supply
Part a:
What is productivity in this economy?
Productivity is defined by how much output each unit of the input produces.
Productivity = Real GDP / Input Quantity
You can use any of the three combinations above.
Productivity = $400 / 150 = 2.6667
Part b:
What is the per-unit cost of production if the price of each input unit is $2?
The per unit cost is defined by how much each unit of output costs to produce. The total
cost of production equals $300 (you can use any combination above) when real GDP is
$400.
Per unit cost = (price of input unit x input quantity) / real GDP
For the values above,
per unit cost = ($2 x 150) / $400 =$300 / $400 = $0.75
Part c:
Assume that the input price increases from $2 to $3 with no accompanying change in
productivity. What is the new per-unit cost of production? In what direction would the $1
increase in input price push the economy’s aggregate supply curve? What effect would
this shift of aggregate supply have on the price level and the level of real output?
The new per unit cost = ($3 x 150) / $400 =$450 / $400 = $1.125.
This would cause firms to raise prices at every level of output (higher input cost), thus the
aggregate supply schedule would shift left.
This would cause output to decrease and prices to rise in short-run.
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Chapter 29 - Aggregate Demand and Aggregate Supply
Part d:
Suppose that the increase in input price does not occur but, instead, that productivity
increases by 100 percent. What would be the new per-unit cost of production? What
effect would this change in per-unit production cost have on the economy’s aggregate
supply curve? What effect would this shift of aggregate supply have on the price level
and the level of real output?
If productivity increases by 100%, this implies output will double at every input quantity.
Real GDP will now be $800 at the input quantity of 150.
New productivity = 2 x 2.6667 (original productivity) = 5.3334
From this we can find the required level of real GDP.
Productivity = Real GDP / Input Quantity or 5.3334 = Real GDP / 150
Thus, real GDP = $800 = 150 x 5.3334 (rounding).
Once we have the new level of real GDP we can find the per unit cost.
Per unit cost = (price of input unit x input quantity) / real GDP
Per unit cost = ($2 x 150) / $800 = $0.375
This reduction in per unit cost will increase the supply of goods at every price level, thus
the aggregate supply schedule will shift to the right.
This will cause prices to fall and output to increase in the short run.
5. Refer to the data in the table that accompanies Problem 2. Suppose that the present equilibrium
price level and level of real GDP are 100 and $225, and that data set B represents the relevant
aggregate supply schedule for the economy. LO4
a. What must be the current amount of real output demanded at the 100 price level?
b. If the amount of output demanded declined by $25 at the 100 price shown levels in B, what
would be the new equilibrium real GDP? In business cycle terminology, what would economists
call this change in real GDP?
Answers: $225; $200; a recession.
Feedback: Consider the following example. Suppose that the present equilibrium price
level and level of real GDP are 100 and $225, and that data set B represents the relevant
aggregate supply schedule for the economy.
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Chapter 29 - Aggregate Demand and Aggregate Supply
Part a:
What must be the current amount of real output demanded at the 100 price level?
Given that the economy is equilibrium when aggregate supply equals aggregate demand,
real output demanded must also equal $225 (quantity supplied given above).
Part b:
If the amount of output demanded declined by $25 at the 100 price shown levels in B,
what would be the new equilibrium real GDP? In business cycle terminology, what
would economists call this change in real GDP?
If output demanded fell by $25, the new level of demand is $200. Since the price level
does not change the quantity supplied would also fall by $25.
The new equilibrium level of real GDP is $200. This decline in output is likely a
recession.
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