question is listed below:

A government must decide whether or not to defend an exogenously specified exchange rate parity, In making this decision, the central bank maximizes the following social welfare function: SW = R- 2(s#- 3)? Its = 3 SW = 4(s" - 5)? its = s" where R is a fixed 'reputation" benefit the central bank obtains if it keeps the peg: s" = 3 is the ideal exchange rate; s" is the expected exchange rate; $ = 1 is the value of the exchange rate to which the government is committed. (a) [3 points] If the reputation benefit is R = 20, will there be a devaluation? (b) [2 points) If the reputation benefit is increased to R = 25, will there be a devaluation