3. The following data are for the very volatile economy of Mobile. Given that the labour force remained a constant 320 million, calculate the unemployment and inflation rates for each of the years 2011–2015. From the data collected, draw a Phillips curve.

Year Price Index Unemployment

(in millions)

2010 120 —

2011 122.4 38.4 2012 126.1 25.6 2013 133.7 19.2 2014 147.1 14.4 2015 170.6 9.6