1. The economy of Neverland has the following AD and AS schedules. Denote YAD as the level of real GDP along the AD curve, let YAS be the level of real GDP along the AS curve. GDP is shown in billions of 2002 dollars. Price Level YAD YAS 90 1100 750 100 1000 825 110 900 900 120 800 975 130 700 1050 140 600 1125 a. Plot the AD and AS curves on a scale diagram. b. What is the price level and level of real GDP in Neverland’s macroeconomic equilibrium? c. Suppose the price level in Neverland is 100. At this price level, what amount of total output are firms willing to supply? What is desired expenditure? d. Suppose the price level in Neverland is 120. At this price level, what amount of total output are firms willing to supply? What is desired expenditure?