5a. Draw a short-run Phillips curve and a long-run Phillips curve. Label everything, including the equilibrium values of inflation and expected inflation. 5b. Beginning in equilibrium, suppose policymakers implement contractionary policy to lower inflation. What effect would this have on the output ratio and inflation in the short run? Illustrate these effects on your diagram. 5c. What effect would this have on inflation expectations? Illustrate these effects on your diagram