following SRAS diagram. P Ys (a) Which of these 6 variables {YS, N; W, w; Rk, rk} would remain constant as we move downward along this SRAS curve (say, from point D to point B)? (b) Which of these 6 variables {Y5, N; W, w; Rk, rk} would change and in what direction as we move downward along this SRAS curve (say, from point D to point B)? (c) Which of these 6 variables {YS, N; W, w; Rk, rk} would remain constant, and which of them would change and in what direction, as we move downward along a given vertical LRAS curve? A2 (15 points) Shift in AS curves due to revision of labor contracts Upon expiry of the existing contracts, suppose employers and employees decide to revise the nominal wage (W) downward under a new set of contracts because they expect a fall in the future price level (PE). Explain how it would affect aggregate supply in the short run (SRAS) and in the long run (LRAS)