Hello, the answer is given in red, but please give step by step explanation, please dont just repeat answer, eg explain the formula used, if diagrams helps you to explain, please do use it, thank you!

Q1. Missing capital. The textbook treatment of the Phillips curve uses a production function Y = EN which completely omits capital. Why? Partly, this is a simplification to keep the math tidy, but the deeper justification is that we are dealing with the short run [note the chapter title) in which the capital stock cannot be changed, so we can treat it as a constant