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Consider the following Phillips curve: I i 'I' I' q. I 'I I I '1' - I i 3 Illl I? [Julian auxin a} The economy is currently at point A with unemployment of 6% and ination of 4%. The President has informed you that she is about to undertake an expansionary scal policy designed to lower unemployment from its current rate of 6% to 4%. She asks you what will happen in the economy as a result of your policy. Explain what will happen and show it on the above graph. b} How would your answer to a] change ifyou were to consider potential changes in ination expectation by the public and their impact on the actual ination? Explain and show how this will impact the above graph