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Aggregate Demand and Aggregate Supply

Aggregate Demandand Aggregate SupplyAdding Swingsin the Overall Price Levelto our Model of the EconomyOctober 23rd, 2019AS/AD Model: Links output changes to changes in the price level Powell driving the bus. Targeting output and prices. AE model looks only at output swings. How do changes in Demand affect Aggregate output and the price level? How do changes in supplyaffect Aggregate output and the price level? How do changes in the price level affect Aggregate demandand Aggregate output?A Downward Sloping ADCurve:(As the overall price level falls, the level of output rises) Is it due to the Substitution Effect? Demand curves, for specific goods, are downward sloping: As we travel down a Demand curve we discover:the quantity demanded rises, as the price fallsASSUMING ALL OTHER PRICES ARE STABLE!

Aggregate supply refers to the quantity of goods and services that firms are willing and able to supply. The relationship between this quantity and the price level is different in the long and short run. So we will develop both a short-run and long-run aggregate supply curve. Long-run aggregate supply curve: A curve that shows the relationship in

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