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Need help. Question 1: Setting up the IS-LM-PC model in a recession a. Set up an IS-LM-PC graph for which the economy is below potential

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Question 1: Setting up the IS-LM-PC model in a recession a. Set up an IS-LM-PC graph for which the economy is below potential output. Assume that inflationary expectations are adaptive. b. Assume that output fell below potential output in period t. What happens to inflation in period t? Why? 11 What happens to inflation in period t+1? Why

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