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Part C. Short Answers ( 40 Marks as indicated in the questions) 1. Draw a simple but accurate and clearly labelled diagram that illustrates the

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Part C. Short Answers ( 40 Marks as indicated in the questions) 1. Draw a simple but accurate and clearly labelled diagram that illustrates the following: a. Highly elastic demand curve ( 2 Marks) b. Inelastic Supply curve ( 2 Marks) c. AD and AS when an economy is operation at full employment level. ( 2 Marks) d. Add a line (AD 1) that would represent hyperinflation. ( 2 Marks)

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