1. Problems and Applications Q1 Consider the following four situations: . Actual inflation is & percent, and expected inflation is & percent. . Actual inflation is 4 percent, and expected inflation is 6 percent. . Actual inflation is 4 percent, and expected inflation is 4 percent. 0o 0 m I . Actual inflation is & percent, and expected inflation is 4 percent. The following graph gives the long-run Phillips curve (LRPC) and two potential short-run Phillips curves {(SRPC) for a particular economy. For each situation previously listed, drag the corresponding peint from the palette onto the graph to indicate the point representing that situation.