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Suppose the economy is initially in long-run equilibrium. Due to a technological advance, there is a permanent positive supply shock, i.e.  

there is a permanently increase in productivity A. Explain both the short-run and long-run effects on the economy.

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EYS***722 2019-09-03 07:55:22
thanks, great solution.
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Solution Preview

Short and long term effects on economy Long Term Effects: In the long term economic progress, the productivity is one of the most important factors and it is closely observed. With the intense technological advantage, it cannot be denied that, it gave rise to productivity and rising productivity is the key for making a permanent increase in 

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