Suppose an economic is in long run equilibrium.a) Use the model of aggregate demand and aggregate supply to illustrate the initial equilibrium on a clearly labled graph. Label the equilibrium point A. Be sure to include the short-run and long-run aggregate supply.b)The central bank raises the money supply by 5 percent. Use your diagram to show what happens to output and the price level as the economy moves from the initial to the new short-run equilibrium. (call it point B)c) Now show the new long-run equilibrium (call it point C) on the same graph. What causes the economy to move from point B to point C?d) According to the sticky wage theory of aggregate supply, how do nominal wages at point A compare to nominal wages at point B? How do nominal wages at point A compare to nominal wages at point C?e) According to the sticky wage theory of aggregate supply, how do real wages at point A compare to real wages at point B? How do real wages at point A compare to real wages at point C?