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Please help me with the following 3 questions with explanation Using the AS/ AD model, show the effect of a new inflation target below the

Please help me with the following 3 questions with explanation

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Using the AS/ AD model, show the effect of a new inflation target below the current inflation target. First, show and describe the process of reaching the new inflation target when firms and workers have adaptive expectations. Then, show and describe the process when firms and workers have rational expectations and expect the central bank to commit to its new inflation target. 4. Using the AS/ AD model, show the effect of a major, temporary increase in oil prices. Describe the process of returning to the steady state. 5. Using the AS/AD model, show the effect of a major, temporary increase in oil prices when firms and consumers have rational expectations such that Te = 7. Describe the process of returning to the steady state

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