An economy has the following functions for its short run aggregate supply (SRAS), Okun's Law (OL), and Phillips Curve (PC):

Phillips Curve. An economy has the following functions for its short run aggregate supply (SRAS), Okun's Law (0L), and Phillips Curve (PC): SRAS: P = EP + (1/2)(Y 3) 0L: (Y 7) = 4(u u") PC: T[ = ET: (1/5)(u 6) The economy begins at its natural rate of output with a stable price level equal to $5. a.) Output is at its natural level wlen the price level is equal to expectations. Calculate the natural rate of output in this economy. b.) Construct a graph containing an aggregate demand curve, a shortrun aggregate supply curve, and a long-run aggregate supply curve. Indicate the values of Y and P at the short-run equilibrium. Be sure to label the x- and y-axes. c.) Unemployment is at its natural rate when inflation is equal to its expectations. Calculate the natural rate of unemployment in this economy