Could you please answer it by providing step by step solution and explanation? I would be very grateful! (Intermediate Macroeconomic)

5. Consider a monetary small open economy model. Starting from equilibrium, suppose that total factor productivity increases temporarily. a. If the exchange rate is flexible, determine the effects on aggregate output, absorption, the current account surplus, the nominal exchange rate and the price level using graphical analysis. (6 marks) b. Now suppose the exchange rate is fixed. Repeat part (a). (6 marks) c. If the goal of the domestic government is to stabilize the price level, would it be preferable to have a fixed exchange rate regime or a flexible exchange rate regime where there is a change in total factor productivity