Use the back of the paper to answer the following questions and draw their associated graphs. 1. Suppose the economy is currently suffering from a very high rate of ination caused by aggregate demand that has increased beyond potential GDP. a. b. In a correctly labeled AD/AS graph, show current short-run equilibrium in the macroeconomy. In response to this high ination rate, What open market operation should the Fed undertake? In a correctly labeled money market graph, show the impact of this monetary policy action on the equilibrium interest rate. In your graph 'om part (a), show the impact of this monetary policy on real GDP and the price level. Explain the process through which the open-market operation impacted output and the price level