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Unformatted text preview: Short-Run Aggregate Supply curve shift to the left. Equilibrium price level increase, Real GDP decrease. ii. Petronas discovers new oil reserves, increase in beneficial supply shock. Short-Run Aggregate Supply curve shift to right. Equilibrium price level decrease, Real GDP increase. iii. Increase in the personal income tax rates, disposable income decrease, consumption decrease. Aggregate demand curve shift to the left. Equilibrium price level decrease, Real GDP decrease....
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- Spring '15
- Supply And Demand, Oil reserves, Personal income tax, equilibrium price level, PETRONAS, Ginny Tey Chiu Jin