b. Draw a diagram of the Federal Funds market and show changes of the Fed Funds Rate as a result of the following. (draw separate diagrams for each of these cases).

i. Fed undertakes an Open Market Sale

ii. Fed undertakes an Open Market Purchase

iii. Fed lowers the discount rate

iv. Fed raises the interest rate on excess reserves

v. Fed raises the required reserve ratio

vi. The demand for federal funds increases vii. The demand for federal funds shifts decreases