Please answer the following questions. Number 2 doesn't need answer. I just need 1,3 answers.

Information: Assume that the United States economy is in long-run equilibrium with an expected inflation rate of 6 percent and an unemployment rate of 5 percent. The nominal interest rate is 8 percent.

1. Using a correctly labeled graph with both the short-run and long-run Phillips curves and the relevant numbers from above, show the current

long-run equilibrium as point A.

2.Assume now that the Federal Reserve decides to target an inflation rate of 3 percent. What open-market operation should the Federal Reserve undertake?

--> They have to sell bonds.

3.Using a correctly labeled graph of the money market, show how the Federal Reserve's action you identified in Problem 2 will affect the nominal interest rate.