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Y6 Question 2: Describing the relationships in the Phillips curve (10 points) Consider the following general form of the Phillips curve: me= ne+(m+ z) -

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Y6

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Question 2: Describing the relationships in the Phillips curve (10 points) Consider the following general form of the Phillips curve: me= ne+(m+ z) - aut a. If there is an increase in the markup, what happens to inflation? Explain why. b. If there is an increase in unemployment, what happens to inflation? Explain why

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