Assume the expected inflation rate in a country is 3%, the current unemployment rate is 4%, and the natural rate of unemployment is 5%. (a) Draw a correctly labeled graph of the short-run and long-run Phillips curves. Label the current short-run equilibrium as point X and plot the numerical values above on the graph. (b) Is the actual inflation rate greater than, less than, or equal to the expected inflation rate of 3%? (c) Assume loans were made taking into account the expected inflation rate of 3%. Will borrowers be better off or worse off after they realize the actual inflation rate identified in part (b)? Explain. (d) Suppose there is a worldwide increase in demand for the goods produced in this economy, as a result, what is the impact of this change on SRPC, mark the point Y on the graph to show the impact.