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Good explanations please! (b) The third version of the Phillips curve relates inflation to output: I = n' + BY +z the slope of this

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Good explanations please!

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(b) The third version of the Phillips curve relates inflation to output: I = n' + BY +z the slope of this Phillips curve is given by B=b x Y"/ EL. Give an intuitive interpretation of the new terms that have appeared in the Phillips curve and in the slope term since part (a).i. Assume the natural rate of unemployment is 5% and the production function is Y: EN. Calculate the slope of the Phillips curve if b: 1 and A = 1/ 2. Contrast this with your answer from part (a - i]. ii. Assuming the same production function as above, calculate the slope of the Phillips curve if b = 1 and A = 1/ 3. Contrast with (a - ii]. iii. Calculate the slope of the Phillips curve if b =2 and A = 1/2. Contrast with (a iii)

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