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Q.2 (15 points ) Shift in AS curves due to revision of labor contracts Upon expiry of the existing contracts ,suppose employers and employees decide

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Q.2 (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) upward under a new set of contracts because they expect a rise in the future price level (P9). Explain how it would affect aggregate supply in the short run (SRAS) and in the long run (LRAS)

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