c. (14 points)The original Phillips curve can be represented by the following equation: �! = � � − ��!, where �! is the inflation rate, u is the unemployment, � is a coefficient; m is the markup and z represents relevant structural features of the economy. – Provide an interpretation of the relationship represented by the equation. Plot the Phillips curve on a graph. – While this relationship held pretty well in the 1960s, it broke down starting from the 1970s. What caused this breakdown? How did the inflation-unemployment relationship change in the post- 1970s? Explain verbally; no need for mathematical illustration/equations.
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