Hint(s) Check My Work South Shore Construction builds permanent docks and seawalls along the southern shore of Long Island, New York. Although the firm has been in business only five years, revenue has increased from in the first year of operation to in the most recent year. The following data show the quarterly sales revenue in thousands of dollars. Quarter Year 1 Year 2 Year 3 Year 4 Year 5 1 11 40 76 87 164 2 108 141 150 203 276 3 176 237 317 384 436 4 23 27 44 91 186 a. Construct a time series plot. 1. 2. 3. 4. Time series plot 2 What type of pattern exists in the data

6. why the aggregate supply curve slopes upward in the short run in the short run, the quantity of output that firms supply can deviate from the natural level of output if the actual price level in the economy deviates from the expected price level. several theories explain how this might happen. for example, the misperceptions theory asserts that changes in the price level can temporarily mislead firms about what is happening to their output prices. consider a soybean farmer who expects a price level of 100 in the coming year. if the actual price level turns out to be 90, soybean prices will , and if the farmer mistakenly assumes that the price of soybeans declined relative to other prices of goods and services, she will respond by the quantity of soybeans supplied. if other producers in this economy mistake changes in the price level for changes in their relative prices, the unexpected decrease in the price level causes the quantity of output supplied to the natural level of output in the short run.