Please find attached question

a. Contrast the way in which monetary policy aects Output in a closed economy with a small open economy. By using the MundellFlemming model, Show the impact of monetary policy under xed and oating exchange rate regimes. [10 points] 1). Suppose that money demand depends on disposable income, so that the equation for the money market equilibrium becomes M/P = L(T',Y T) Analyze the impact of tax cut in a small open economy on the exchange rate and income under both oating and xed exchange rates. [10 points] c. By using the MundellFlemming model, derive the Aggregate Demand (AD) curve for a small open economy? Also show what happens in when we move from the short run to the long run. [10 points]