Questions: Refer to the figure. Macro equilibrium is established at which price level, given AD1 and AS1?

Refer to the figure. Macro equilibrium is established at which price level, given AD1 and AS1?
Transcript text: Refer to the figure. Macro equilibrium is established at which price level, given $A D_{1}$ and $A S_{1}$ ?
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Solution

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Solution Steps

Step 1: Find the intersection of AD₁ and AS₁

The intersection of AD₁ and AS₁ represents the macro equilibrium point.

Step 2: Identify the price level at the intersection

The intersection occurs at price level P₂.

Final Answer: The macro equilibrium is established at price level P₂.

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