The outbreak of COVID-l9 pandemic has had a significant impact on the Australian economy. a) What is the the short-run equilibrium impact on inflation and output of the lockdown that governments imposed? Explain using the ASAD model with graphs. (4 marks) The Australian government implemented fiscal stimulus aimed at supporting households and businesses. b) Describe the key elements of the fiscal stimulus. (1 mark) The Reserve Bank of Australia provided conventional and unconventional monetary policy stimulus. c) Describe the key elements of the monetary policy stimulus. (1 mark) d) Explain how these policies have been helping the economy using the ASAD model. (2 marks) e) What are the likely mediumrun effects of this pandemic on the Australian unemployment rate? Explain your reasons. (2 marks)