Use the figure below to answer the following questions.
Figure 28.2.3
-Refer to Figure 28.2.3. Assume that the figure illustrates an economy initially in equilibrium at the intersection of the SAS₀ curve and the AD₀ curve. If the aggregate demand curve is correctly expected to shift to AD₁, new equilibrium real GDP is ________ and the new equilibrium price level is ________.
Definitions:
Acquisition Cost
The total expense incurred to acquire an asset, including the purchase price and all related costs.
Inventory Stock
Goods or materials that a business holds for the ultimate goal of resale.
Reorder Point
The inventory level at which action is taken to replenish a particular stock item, ensuring adequate supply while minimizing holding costs.
Carrying Cost
An expense related to holding inventory, including storage, insurance, and obsolescence costs.
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