Use the The IS-MP-PC model to answer all parts below. In each case illustrate your answer with a diagram. (a) What would happen to inflation if the price of oil increased suddenly? (b) What could the Bank of Canada do to offset the effects of this oil price shock and what would would happen to private consumption, investment and net exports in this case? (c) Could fiscal policy be used to offset the effects of the oil price shock without having the same impact on private spending