LHu-EH LEASE I5 $1130 114D 113D FleulGDP [bllllunn ol dolam} l Assuming the Australian economy W35 in long-run equilibrium in early 2(122. In the third quarter of 2(122, Australia experienced supply shocks clue to reductions in the availability of oil, with the SHAS curve shifting to the left. Prior to this, howeyer, the removal of (SQUID1'3 restrictions has led to households wishing to spend aocumulated sayings, causing AD to shift to the right (Note: Assume that the shift in AD is less than the shift in ERAS}. i. Draw the basic {static} aggregate demand and aggregate supply model to illustrate and explain what happens in the shortrun real GDP, the price leyel and the unemployment rate when the economy suffers a supply shock. {15 ma rlcs} ii. Use the basic {static} aggregate supply and demand model to illustrate and explain what happens in the longrun real GDP, the price level and the unemployment rate following this supply shock. {15 marks}