How does the shape of the aggregate supply curve affect macroeconomic analysis and policy making? Illustrate your answer with the appropriate graphs

If the aggregate supply curve is relatively flat, as depicted in Figure 15-3, expansionary fiscal or monetary policy can buy large increases in real GDP without significant inflationary costs. Conversely, contractionary policy will cause significant losses of income and employment without much reduction of inflation. If the aggregate supply curve is relatively steep, as illustrated in Figure 15-46, expansionary fiscal or monetary policy will generate significant inflation without the benefit of large increases in real GDP or employment. Conversely, contractionary policy can achieve significant reductions in inflation without causing large reductions of real GDP or large increases in unemployment.