1) Identify the following shocks (demand or supply, permanent or temporary, positive or negative) and use Aggregate Demand-Aggregate Supply curves to demonstrate their effects in short run and long run on output and inflation. Also identify the appropriate monetary policy response and its effects on output and inflation.

i. A technological breakthrough significantly enhances productivity

ii. A major trading partner suffers a deep recession

iii. A country realizes that its stock of minerals is significantly lower than what it had previously estimated

iv. The price of a key input into production rises for some time.

v. An economy in long-run equilibrium experiences a sharp rise in oil prices

note: kindly give detailed explanatory answers along with diagrams to aid explanation