Using the Expenditure Model (GDP = C + G + I + NX), draw a graph that depicts Demand-Pull inflation.

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Sure, here's how you can draw a graph depicting Demand-Pull inflation using the Expenditure Model (GDP = C + G + I + NX):

1. Draw your x and y axes. Label the x-axis as "Output" or "Real GDP" and the y-axis as "Price Level".

2. Draw an upward sloping line from the origin. This is your Aggregate Supply (AS) curve. It shows the total quantity that firms are willing and able to produce at different price levels.

3. Draw a downward sloping line intersecting the AS curve. This is your Aggregate Demand (AD) curve. It represents the total quantity of goods and services that households, businesses, government, and foreign buyers want to buy at each price level. The equation GDP = C + G + I + NX represents this curve.

4. Now, to depict Demand-Pull inflation, you need to show an increase in Aggregate Demand. Draw a second AD curve to the right of the first one (AD2). This shift to the right represents an increase in demand for goods and services.

5. The intersection of the AS and AD curves determines the equilibrium price level and output. After the shift in AD, the new intersection (equilibrium) is at a higher price level, indicating inflation.

6. You can also draw a vertical line from the new equilibrium point to the x-axis to show the increase in output (Real GDP).

Remember, Demand-Pull inflation occurs when demand for goods and services exceed supply. It's often described as "too much money chasing too few goods". In the context of the Expenditure Model, it could be caused by an increase in consumption (C), government spending (G), investment (I), or net exports (NX).