Changing course, Australia raises interest rate Inflation rate (percent per year) 6T The Reserve Bank of Australia (the central bank) raised its LRPC overnight rate (equivalent to the U.S. federal funds rate) by a quarter of a percentage point, to 3.25 percent a year, 5- amid concerns about rising inflation. The interest rate rise came earlier than many economists had expected. Source: New York Times, October 6, 2009 If with the Reserve Bank's "concerns about rising inflation," 3- people increase the expected inflation rate, explain how the short-run tradeoff will change. 2- SRPC The figure shows Australia's short-run Phillips curve and the long-run Phillips curve. If the natural unemployment rate remains at 5 percent, Unemployment rate (percent of labor force) show the effect of the rise in the expected inflation rate in the graph. >>> Draw only the objects specified in the question. Draw either a new SRPC curve (SRPC,) or an arrow along the SRPC curve showing the direction of change