1] The graph below show the persistent negative GDP gap in the US following the Great Recession m MMIammkmm mnmmsm {Billions aim 1W! Mm) 16,\" 16,4!!! 1mm 15.5\"] 15.10:: 14.990 14.403 14.000 1!,\" m 206! 2011:! Jill! 21:14 Draw a aggregate supply and aggregate demand graph depicting point A where we are in general equiliblinm (the PLD, ERAS, and LRAS all intersect at point A where real GDP equals potential GDP. Label these three curves with a subscript A. (1D points for a correct and completely labejed graph) 3) h} {5 points) We know that during the Great Recession the US experienced adverse shocks to the ERAS as well as to the PhD curve. Please list separately the factors that caused the adverse shocks to SEAS and ED respectively. Show how these shocks map to your Aft-AD diagram and label as point B and the associated AS AS curves with a subscript of B. {5 points] Now explain how the self correcting mechanism along with the effects of a persistent negative GDP gap is 'supposed1 to get the economy back to potential as in point C on the graphic above. Please label as point C on your diagram. c) (5 points] Now offer an explanation as to why the economy has not self corrected and thus, the negative GDP gap persists as in point D in the graphic above. Don't worry about labeling point D on your graph