1. Use the following values to answer question 1. Assume a closed economy. C=200+.8(Y-T) T=500 Iplanned 150-10r (M/P)d = .1*Y - 20*r a. In period 1, government purchases of goods and services (G) is 500 and the interest rate is 5. In period 2, government purchases of goods and services is 600 and the interest rate is 7 (the interest rate is measured here as a percentage, not a decimal). Use this information to complete the following table: Y Period 1 Period 2 Change (M/P)d 1b.. Now assume that government spending is equal to 500 in both periods but that the Federal Reserve cuts the interest rate from 5 to 3. Use this information to complete the following table: Y (M/P)d Period 1 Period 2 Change c. Bonus: Explain how you would modify one of the equations at the beginning of the problem to make the IS curve flatter