1. Given the output and inflation data in the table below and assuming that the economy was in general equilibrium on 10/1/1952. Date Output Inflation 10/1/1952 2526.4 1.24 1/1/1953 2573.4 1.19 Billions of chained 2009 USD. *Percent per year. (a) Identify the two types of shocks that could have individually given rise to the inflation and output changes seen on 1/1/1953. Briefly explain the basis for your identification using equations as appropriate. (b) Demonstrate how a policy that focusses solely on inflation stabilization would work using an AD/AS diagram. Your diagrams should show general equilibrium. the shock, the policy response and relaxation to general equilibrium.