1. [18 points] India has been experiencing accelerating real GDP growth with falling inflation. (1.a1) Is this combination the result of a dominant Aggregate Demand (AD) or Aggregate Supply (AS) shock? Assume first this is the only shock and use the AD/AS model to predict the effects on output, employment, wages, and prices. Does it matter if the shock is permanent or transitory? (1.a2) In practice, this shock coincides with a sizable increase in investment, mostly in infrastructure (the rural road network has more than doubled since 2014, the number of airports has doubled, electricity generation has grown by 22%, and broadband connections have jumped from 61m to 816m; the Economist, March 2023). How does your answer in (1.a1) change if you include the investment shock to the AD/AS model