Policy prescription: Envision yourself as an advisor to the president and you have been asked for policy prescriptions for both the short run (SR) and long run (LR) prosperity. Using information from the course, answer the following two questions. While it may not be necessary, it would likely help, if you use graphs for the AS-AD framework. a. There is a negative shock to aggregate demand and we are in a recession. Should there be a fiscal and monetary policy response, and why or why not? Justify your position of response or non-response. Discuss the short run and long run implications of both response and non-response b. Long run question: Using concepts and information from the course, what policies should be instituted to promote economic growth and what should be the goals of those policies. Are there specific measures that should be targeted to know if we are maximizing well-being. These are ideas that transcend recessions and expansions.