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The economy of the MAMA state is in a state of long-term equilibrium. a) Describe these conditions using the short-run and long-run Phillips curves. b.

The economy of the MAMA state is in a state of long-term equilibrium.

a) Describe these conditions using the short-run and long-run Phillips curves.

b. Furthermore, the MAMA government considered a policy to reduce taxes. Show the impact of the policy on the short-run and long-run Phillips curve. What will happen to the unemployment rate in the short and long term?

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