 
Arturo O. answered  03/21/18
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The only constant is the total amount of gas in the balloon and flask.  The other variables are pressure, volume, and temperature, which are all changing.
The gas obeys the law
PV/T = nR = constant
n = number of moles
R = universal gas constant
As the gas temperatures drops, the pressure also drops, since the kinetic energies of the gas molecules are lower at lower temperature, resulting in lower momentum of gas molecules bombarding the skin of the balloon.  As the pressure applied against the skin of the balloon drops, the balloon shrinks elastically as it "unstretches", resulting in lower volume.
     
     
             
                     
                    