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Assume that prior to the event the Australian economy’s macroeconomic equilibrium was equal to the potential GDP Using AD-AS model explain carefully the immediate and long term effects of the event

Assume that prior to the event the Australian economy’s macroeconomic equilibrium was equal to the potential GDP. Using AD-AS model, explain carefully the immediate and long term effects of the event for the Australian economy. Draw the appropriate AD-AS diagram to support your explanation.

Apr 30 2020 View more View Less

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