Applying the concepts of aggregate demand and aggregate supply model, determine the impact on GDP and prices of each of the following events.
a. Lockdown restrictions on non-essential businesses during the Covid19 pandemic.
b. The West Australian government released a $154 million economic relief package to rental markets and construction industry during Covid19 pandemic.
c. Rising costs of production due to shortages of skilled workers and building materials has witnessed a surge in insolvencies in Australia's construction industry.
d. The RBA is likely to drive the official cash rate to 4.1% in 2023, compared to 3.1% in December 2022.
e. AI could automate about 25% of labour tasks in advanced countries and 10-20% of work in emerging economies, boosting productivity
