For the next five questions, assume the economy can be described by the following set of equations: C/Y = I/Y = ; - (R-T) G/Y = 0, C +1 +G=Y Also assume that r = 0.02 and Y = 10. a = c+0+0g - 1 This is a complete IS model. You will be given additional information on the parameter and policy variables in each question. Enter your value rounded to 1 decimal place, unless instructed otherwise. Assume b is equal to 4 If a is equal to 0.03 and monetary policy sets R equal to -0.01, what is the value of short-run output y in percent? Answer Assume b is equal to 3. If a is equal to 0.01 and monetary policy sets R to the value that brings short run output to 0, what is the value of R as percent? Answer: Assume is equal to 2 If 0 is equal to 0.2 and monetary policy sets R equal to 0.03, what is the value of investment spending I ? Enter your answer rounded to one decimal place. Answer: For the next five questions, assume the economy can be described by the following set of equations: C/Y = I/Y = ; - (R-T) G/Y = 0, C +1 +G=Y Also assume that r = 0.02 and Y = 10. a = c+0+0g - 1 This is a complete IS model. You will be given additional information on the parameter and policy variables in each question. Enter your value rounded to 1 decimal place, unless instructed otherwise. Assume b is equal to 4 If a is equal to 0.03 and monetary policy sets R equal to -0.01, what is the value of short-run output y in percent? Answer Assume b is equal to 3. If a is equal to 0.01 and monetary policy sets R to the value that brings short run output to 0, what is the value of R as percent? Answer: Assume is equal to 2 If 0 is equal to 0.2 and monetary policy sets R equal to 0.03, what is the value of investment spending I ? Enter your answer rounded to one decimal place