A real world problem faced by policymakers, forecasters, and businesses every day is how to judge the state ofthe economy. Consider the table below, showing hypothetical measures of real GDP for each quarter (three-month period) in the coming years, starting at a level of $25.0 trillion in 202301 (the first quarter of 2023). Year Actual Potential Short-run Growth Rate Actual Output Yt Output Y] Yr Y'r Output (Y't) 960'! 2023(11 25 25 0 25 null 202302 251 25.83 -0.63 25.2 20 20230.3 25_4 26.035 -0.635 25.4 20 202302], 253, 25.9325 -0.6325 25.3 -10 20240.1 252 25.83 -0.63 25.2 -10 20240; 2515 25.77875 -0.6287 25.15 -5 202403 2513 25.75825 -D.6282 25.13 -2 2024414 253 25.9325 -D.6325 25.3 17 2024411 25_5 26.1375 -0.6375 25.5 20 20250.2 25 25.65 -0.65 25 50 202503 26.8 27-47 -0.67 26.8 80 2025(14 211 27.7775 -0.6775 27.1 30 Now ll in the remaining columns by answering the following questions. (a) What is potential output in 202301? There is no way to answer without a method to estimate potential. Assume that reports and analyses estimate potential to be $25.0 trillion in 20201, (11. So go ahead and put $25.0 trillion in the first cell of the third column. (b) Assume potential output grows at a constant annual rate of 2.5% , and complete the remainder of the table. Hint: What is the growth rate in each quarter? (c) Comment on the state of the economy in each year? When does the economy enter a recession? When does the recession end? (For the purposes of answering this question you can define a recession as any time the economy is below potential