In 2022 , the Fed has been raising interest rates. Let's use the tools we've developed to analyze this contractionary monetary policy. a. Set up graph showing the market for reserves, in which the equilibrium interest rate is determined by the horizontal portion of the demand curve. This graph describes an economy with "abundant reserves". b. Use your graph in (a) to show the effect of open market sales on the federal funds rate. Use your graph to explain why open market sales are not enough to raise the interest rate today. c. The Fed has concurrently increased the interest rate on reserves (IOR). i. Why does IOR act as a floor on the federal funds rate? (1 sentence). ii. Use the graphical model for the market for reserves to show how an increase in IOR can raise the federal funds rate. (Either draw a new graph or do this on the same graph as in (a) and (b) - if you do it on the same graph, make sure to label each part of your answer very clearly)