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In: Business and Management

Submitted By zhangbohan
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The effects of the proposed carbon for can be analyzed using the AD/AS framework.

Consider the following model of the Australian economy

Initially the AS curve is AS, and the AD curve is AD1.Equiblibrion GDP is Y1 and the price level is P1 (equipment of point A)

1) The carbon for will result in an increase in electricity prices which in turn will result in a significant increase in the cost of producing many goods and services. The result will be that the AS Curve will shift left minds from AS 1 to AS 2 along a state AD curve. Thus both real GDP and employment will fall and the price level will increase. Preferring to the diagram real GDP falls from Y1 to Y2 while the price level increase from P1 to P2. ( this situation is similar to the oil price shocks of the 1970s) 2) Consumer will be compensated (some may even be over compensated) by increase that cuts and other benefits for the increase in price of goods and services. Some brainier will also receive compensation. These measures should encourage consumption and business investment, thus shifting the AD curve to the right form AD1 to AD2. 3) In the long run formation incents ions for business should encourage research and development and the use of lower carbon emission technologies will increase the economy productive capability. Thus the AS curve will shift from AS2 to AS3, the economy will be at equilibrium at point C. Real GDP will increase from Y1 to Y3 while the price level will fall from P2 to P3, the level of employment will increase.
The extent of the final level of prices, real GDP and employment is not exactly known, because the magnitude of the shift in the AD and AS curves is not known.

Exam please note: 1. Answer may vary somewhat blasé be events as there is some disadvantage amongst the economics community. For example supply sidles will angular for a larger…...

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