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a)Assume that Australia's macroeconomic equilibrium is initially at full employment. There is a slower economic growth in a number of Australia's...

a)  Assume that Australia's macroeconomic equilibrium is initially at full employment. There is a slower economic growth in a number of Australia's trading partners including China and Indonesia. As a result, the demand for Australian beef from these countries decreases. Using AD- AS model, explain carefully the immediate and long-term effects of this event towards the Australian economy. Draw by hand the appropriate Aggregate Demand-Aggregate Supply diagram to support your explanation. 

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