For the following scenarios, decide whether the information that the policy maker has is sufficient to determine the output gap. If the answer is yes, describe how the output gap can be determined. If the answer is no, state the additional information that would be needed to determine the output gap. In all cases, assume that parameters of the model (all quantities without a time sub4 script) are always known. The policy maker knows the production function (3.1) and the expression for the calculation of the potential output (3.2). The policy maker also understands that the quantity of employed labor can vary due to the impact of the pandemic on labor supply, as well as due to the impact of rigid wages when the prevailing wage may be above the market-clearing wage. The scenarios are as follows: 1. The policy maker understands the economy is in a pandemic (pt > 0). The policy maker also understands the decision problem of the worker and of the firm, and observes actual quantity of employed labor Lt and prevailing wage wt . However, the policy maker does not exactly know pt , and does not know whether the prevailing wage wt is above