Question 2) This question focuses on the mining boom in Australia. The recent mining boom in Australia was considered the second biggest resource boom ever in the country's history, behind only the gold rush of the 19""I century. The boom started in 2003. reaching its peak between 2011 and 2013. During those years, the mining sector grew dramatically thanks to the massive demand for iron ore and thermal coal from China. W a. Clearly explain how the shock above (in. the mining boom) would affect aggregate demand and aggregate supply (both short-run and long-run) in the Australian economy. he Draw an appropriate AD AS graph to illustrate the impacts of this shock Assume that the Australian economy was originally at the long-run equilibrium. c. State clearly the impacts of this shock on the key macroeconomic variables (i.e.. Price level, Real GDP .5: the Unemployment rate). Whattype of ination would occur as a result of this shock