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Short Question 3: (20 points) Consider the following GDP equation, consumption function, exports function. imports function and investment function and use them to answer the following questions K=Cg+Ii+Gt+EXiIlll %=agB(Rtr); E>0 C=ac 0:531 EX=dEIYt 1M=iml7t A) Write down the formula. that denes short-run output 1"! in terms of actual output Yt and potential output 1'}. (5 points) B) Derive the IS curve as a relation between short run output l7; and the real interest rate gap R: 1". You should show all the steps. (8 points) C) The US Congress is working on passing President Biden's $1.9 trillion covid relief bill. Out of this $ 325 billion worth of expenditure is in supposed to be in terms of public in- frastructure projects. This amount is 1.5% of potential GDP. That is a, would increase by 0.015 if this package were to pass the Congress. Assume Ricardian equivalence does not hold and that the government finances this expenditure by borrowing, and not through taxes in the short-run. Show graphically how does this change in ('19 affect the [S curve. What would happen to short-run output in this model if {19 increases by 0.015, keeping xed real interest rate 12:? Is there a multiplier in this model? Explain why or why not? (7 points) [Bonus Points) Congress is working on a proposal to send $520 billion in direct $ 1400 checks to households. Based on the information presented in part C), calculate the size of this package as a percentage of potential output? (+2 points if you score 98 or less on