1. Write a short introduction to the Keynesian regional multiplier.Start from the standard Keynesian income-aggregate demand expression.Explain which of these components are taken as exogenous, and which are endogenous.Be clear as to the formula for the regional multiplier, k. (You do not have to derive it.)Explain how k can be used to estimate the impact of new regional export activity on regional income. Finally discuss what the effect of a fall in the marginal propensity to import, m, (a form of import substitution) will be on the value of k.