Instructions on the Fairmodel AssignmentStep 1. First go here: http://fairmodel.econ.yale.edu/usmodel/index2.htmStep 2. Create a Dataset ID and password max a letters.Step 3. Then click on #8. Solve the Model and Examine the Results.Step 4. Then click on Proceed.Then go scroll down to the box titled US Variables and find two variables you will need for Balance of Trade and click on Add to Current List for each one.Remember the two variables you need for Balance of Trade.Step 5. When you have the appropriate variables in the List of Variables for Output box, click Display Output.Step 6. Insert Display data in the answer to the questions below:This is based on the U.S. economy and the results from the retrieved data.Question 1: * Indicate where we are currently in the business cycle and where you think we are going. Use real current and historical data involving real GDP, unemployment, and inflation (at a minimum) and a summary of your dropbox forecasting effort to support your view on current and expected macroeconomic conditions in the US economy.Question 2: * What changes in current fiscal and/or monetary policy would enhance the value of a typical firm given where we are and where we appear to be going? Why? Note: qualitative response ok unless you want to provide a quantitative analysis with a simulation of the Fairmodel.Question 3: * What changes in international economic conditions would enhance the value of a typical firm given where we are and where we appear to be going? Why? Note: qualitative response ok unless you want to provide a quantitative analysis with a simulation of the Fairmodel.