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[4 marks] Briefly explain the intuition for the equation involving il , id, and ib above. (b) [4 marks] Briefly explain what is meant by

[4 marks] Briefly explain the intuition for the equation involving il , id, and ib above. (b) [4 marks] Briefly explain what is meant by the term 'floor system', how this system is implemented by the central bank, and how interest rates i and il are controlled using this system

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