Show your step-by-step derivation with explanation related to the graphs or a zero will be assigned. For each of the following events, explain the short-run and long-run effects on output and the price level, assuming policymakers take no action. (a) The stock market declines sharply, reducing consumers' wealth. (5 Marks) (b) The federal government increases spending on national defence. (5 Marks) (c) A technological improvement raises productivity. (5 Marks) (d) A recession overseas causes foreigners to buy fewer Canadian goods. (5 Marks)