Answer the following questions and illustrate using the feasibility set (MRT) and the policymakers preferences (MRS).

(a) What would the policymaker's indifference curves look like if the policymaker cared only about low unemployment? Which point on the Phillips curve would that policymaker choose? (15 marks)

(b) What would the policymaker's indifference curves look like if the policymaker cared only about low inflation? Which point on the Phillips curve would this policymaker choose? (15 marks)