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A torn piece of white lined paper, with blue handwritten notes and a diagram, rests on a warm-toned wooden surface. The paper contains economic concepts, primarily macroeconomic formulas and an Aggregate Demand-Aggregate Supply (AD-AS) model. Visible text includes formulas for GDP expenditure (`GDP=C+I+G+(X-M)`), `Real GDP = Nominal GDP / GDP Deflator`, and `GDP per capita = Real GDP / Population`. Another line attempts to define `GNP`. The central diagram is an AD-AS graph with `PL` (Price Level) on the y-axis and `Rgdp` (Real GDP) on the x-axis. It shows a downward-sloping `AD` (Aggregate Demand) curve, an upward-sloping `SRAS` (Short-Run Aggregate Supply) curve, and a vertical `LRAS` (Long-Run Aggregate Supply) curve. The equilibrium point is marked by `yf`, representing the full-employment or potential output. Accompanying notes define `LRAS` as "shows that at any price level, we will have the maximum sustainable level of output," and `yf` as "max level of output." `SRAS` is noted as representing "all production within the economy." The uneven, torn edges of the paper suggest it may have been ripped from a notebook. The wooden surface appears to be a table or desk in an indoor setting.
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