You are responsible for economic policymaking in your country. Your desire is to eliminate inflation, keeping prices absolutely stable at P = 100, no…

You are responsible for economic policymaking in your country. Your desire is to eliminate inflation, keeping prices absolutely stable at P = 100, no matter what happens to output. Currently, the economy is in equilibrium at Q = 3200 (where Q = potential GDP) and P = 100. You can use monetary and fiscal policies to affect aggregate demand but you cannot affect aggregate supply in the short run. How would you respond to the following scenarios?1. A surprise increase in investment spending2. Catastrophic floods that cause a sharp food price increase 3. A productivity decline that reduces potential output4. A deep depression in East Asia that causes a sharp decrease in net exports to the United States Explain and illustrate how each of these events would affect aggregate demand, aggregate supply, and prices, then explain how you would respond with economic policies

You are responsible for economic policymaking in your country. Your desire is to eliminate inflation,keeping prices absolutely stable at P = 100, no matter what happens to output. Currently, the…

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