Please check out the graph on the link.
http://i33.tinypic.com/jv4w3r.jpg
I do not understand how the Phillips curve works!
For aggregate supply you need price level (by vertical axis) and output (on horizontal axis)
http://www.unc.edu/depts/econ/byrns_web/Art/Glossa...
For Philips curve ( http://en.wikipedia.org/wiki/Philips_curve )you need inflation rate on vertical axis (can be calculated from changes in price levels) and unemployment rate (by horizontal axis).
http://content.answers.com/main/content/wp/en/thum...
Table will look something like that:
Price level .. RGDP . Unempl % Inflation %
....102 ....... 8.0 ........... 9 ........... 2
....104 ....... 8.1 ........... 7 ........... 4
....106 ....... 8.2 ........... 5 ........... 6
....108 ....... 8.3 ........... 4 ........... 8
....110 ....... 8.4 ........... 3 .......... 10
This part is required for Aggregate supply:
Price level . RGDP
....102 ........ 8.0
....104 ........ 8.1
....106 ........ 8.2
....108 ........ 8.3
....110 ........ 8.4
This part is required for Philips curve:
Unempl-% Inflation %
...9 ........... 2
...7 ........... 4
...5 ........... 6
...4 ........... 8
...3 .......... 10
At the end it should look something like that:
http://i306.photobucket.com/albums/nn270/jurasea/A...
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For aggregate supply you need price level (by vertical axis) and output (on horizontal axis)
http://www.unc.edu/depts/econ/byrns_web/Art/Glossa...
For Philips curve ( http://en.wikipedia.org/wiki/Philips_curve )you need inflation rate on vertical axis (can be calculated from changes in price levels) and unemployment rate (by horizontal axis).
http://content.answers.com/main/content/wp/en/thum...
Table will look something like that:
Price level .. RGDP . Unempl % Inflation %
....102 ....... 8.0 ........... 9 ........... 2
....104 ....... 8.1 ........... 7 ........... 4
....106 ....... 8.2 ........... 5 ........... 6
....108 ....... 8.3 ........... 4 ........... 8
....110 ....... 8.4 ........... 3 .......... 10
This part is required for Aggregate supply:
Price level . RGDP
....102 ........ 8.0
....104 ........ 8.1
....106 ........ 8.2
....108 ........ 8.3
....110 ........ 8.4
This part is required for Philips curve:
Unempl-% Inflation %
...9 ........... 2
...7 ........... 4
...5 ........... 6
...4 ........... 8
...3 .......... 10
At the end it should look something like that:
http://i306.photobucket.com/albums/nn270/jurasea/A...