(Solved): 8. Nonprice-level determinants of aggregate supply The following graph shows an increase in short ...

8. Nonprice-level determinants of aggregate supply The following graph shows an increase in short-run aggregate supply (SRAS) in a hypothetical economy. Specifically, short-run aggregate supply shifts to the right from SRAS? to SRAS2, causing the quantity of output supplied at a price level of 125 to rise from $250 billion to $350 billion. Review the graph and then complete the table that follows. 200 175 150 SRAS 125 100 75 50 25 0 100 150 200 250 300 REAL GDP (Billions of dollars) PRICE LEVEL 0 50 SRAS? 350 400 (?) The following table lists several determinants of short-run aggregate supply. Complete the table by indicating the change needed in each determinant to increase short-run aggregate supply. Determinant Change Needed to Increase SRAS Tax Rates on Firms and Corporations Technology Input Prices