Consider a negative aggregate demand shock 3] Outline the shortrun and longrun c'ects of the shock, assuming that policymakers do not respond to the shock. Explain step by step the adjustment after the shock, i.e., both the short-nut deviation from the LRAS and the selflcorrection hack to the LRAS. b) Now assume that policymakers respond optimally,r to the shock in order to stabilise the economy. Explain how the outcomes would differ from the self-correcting mechanism and discuss why. e] Explain the implications for the Phillips come if policymakers adopt the approach used in patt{a]