Please answer the whole thing

A ng.cengage.com A C gage Learning Marley Ray Essay 2 - English Composition.. Essay 2 - Google Docs Untitled document - Google Docs CENGAGE | MINDTAP Aplia Homework: Aggregate Supply 3. The short-run and long-run supply response to a change in the price level The following graph represents the short-run aggregate supply curve (SRAS) based on an expected price level of 90. The economy's potential output level is $9 trillion. Major unions across the country have recently negotiated three-year wage contracts with employers. The wage contracts are based on an expected price level of 90, but the actual price level turns out to be 120. Show the short-run effect of the unexpectedly high price level by dragging the curve or moving the point to the appropriate position. Tool tip: To move the curve, click and drag any part of the curve except the point. To move the point, click and drag the point along the curve. If you want to move both, first move the curve, and then move the point. The curve and point will snap into position, so if you try to move one of them and it snaps back to its original position, just try again and drag it a little farther. ? 7-day Book 180 SRAGO 150 SRASO 120 PRICE LEVEL 06 60 30 12 15 18 REAL GDP (Trillions of dollars) Interpret the change you drew on the previous graph by filling in the blanks in the following paragraph: profit than they expected on each unit of output they produce, and, therefore, The higher-than expected price level causes firms to earn they their production level. At the same time, the real value of wages and other resource prices are than workers and firms its potential output, and the expected when they signed long-term contracts. As a result, the economy as a whole produces at a level unemployment rate is than its natural rate