Millennials, who spend an average of $85 a day, are expected to spend at a higher rate in the next 15 years. Only 37 percent of Americans report higher spending today than a year ago, while 42 percent of millennials say they are spending more. Millennials are spending more on rent or mortgages and leisure activities than they were spending a year ago.

Describe the macroeconomic equilibrium after the change in spending by millennials:

1. If the economy had been operating below full-employment equilibrium,
2. If the economy had been operating at a full-employment equilibrium, and
3. Explain and draw a graph to illustrate how the economy adjusts in the two situations described in parts 1 and 2.

Just need help with part 3