Scenario The ecomy of Chicagolandis a mentlyproducing $100Million worthof goods andservices (ament real CP. Full employment atput for Chicagoland is $/5 Millionwathd goods andservices (ful employmentDithasecentleeexperienomugunflatrowell 1. UsenADAgraphshothemacroeconomicago lambigrapdorrectly a Fist, show the longnun equality mod Chicago andusingaggregate chnand(AD) and shortinggregatpp(R Aatfulemployment culemploymdatput Y .fandheorrespompdideve! I b. Then, use YI to represent the airent real GDP and PLI torepresent the ament price level 2 Istheurrenatofunemployinghedowehathenaturalofunemployment doyoknow 3 Recall that the Fearal, Reserve has a dual mandate of a steady rate of inflation and full employmentolithesetheoncehatthe 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 gaph of the money market, Use M torepresent the ament money supply andil to represent the current interest rate. Show the effect on the money market of the open market operation youspecifiedingBesuretoshowthe changeinthemoney supply and the changein thentercatesareswotthshiffthemoneypply 6 Fill in the following "chain of events". Choose the appropriate change for each factor, in