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Part B (1) (5 points) Draw an AD-AS diagram and explain why Classical econo- mists advocate cold turkey strategy (based on the classical model with

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Part B (1) (5 points) Draw an AD-AS diagram and explain why Classical econo- mists advocate cold turkey strategy (based on the classical model with misper- ceptions). (2) (5 points) Draw an AD-AS diagram and explain why Keynesians disagree with rapid disinflation (based on the Keynesian model). (3) (5 points) Draw an AD-AS diagram and explain how a gradual disinfla tion works (based on the Keynesian model)

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