Scenario The ecommy of Chicagolandis amently podring $65 Million worth of goods andservices (au ment real GDP. Fulemployment output for Choagland is $75 Mlianyathd good and services (ful employment real GDP) The price level has beendediningrecently."This has oca med due to anegative Atshock 1. UsenADA graphshothenacroecon chicago lambligrapdorrectly, a First, showthe longnn equilibriumd Chicagolandusingaggregate canand(AD) and shortaggregatep(SRAStylemploymenthiculemploymetput Y,fandhcorrespondingvell L h. Then, use YI to represent the current real CLP and PLI torepresent the ament price level 2 Istheurrenatefunemployhighedowehathnaturalofunemployment doyoknow 3 Recall that the Federal Reserve has a dud mandate of a steady rate of inflation and full employnehtolthesetheoncehathe edasnthiscenario 4 If the Fed warts to address this issue, should it dosomething to lower interest rates ar increase interest rates? What open market operation will the Fedneed to conduct to change the interest rate 5 Dawa graph of the money market, Use M torepresent the ament money supply andi] to represent the current interest rate. Show the effect on the money market of the open market operation you specifiedit Besuretoshowthe changeinthemoney supplyandthe changein thentercatesaresuotthehilfthemoneypply (6 Fill in the following "chain of events". Choose the appropriate change for each factor, in parenthaswritantholankne Offchan Basedonwhat youhatemined for #4 while conducting openmarket operations, what will, the