Answer the following questions about the impact of Covid-19 on the Australian economy Questions 6.1 Was the Covid-19 pandemic an aggregate demand or aggregate supply shock, or both? Explain the reason for your answer, providing details on why AD and/or AS was affected. Also discuss the impact on the level of output, unemployment, and inflation in the short-run (ignore an discretionary fiscal or monetary policy actions in your answer). [5 marks] 6.2 What relationship does the Phillip's curve describe? Distinguish between the short-run and the long-run in your answer. Discuss how the Covid-19 pandemic is likely to have affected the positions of the short-run and long-run Phillip's curves. [4 marks] 6.3 Define automatic and discretionary expansionary fiscal policy. Provide an example of discretionary fiscal policy that the Australia Government used in response to the pandemic. Explain what component(s) of aggregate demand this policy affected, and how the equilibrium evel of output, unemployment and inflation are likely to have changed after it was enacted. [4 marks] .4 Discuss the importance of the marginal propensity to consume in how effective expansion iscal policy is. [2 marks] Clearly explain each of your answers in the text box below