Supply and demand is one of the basic concepts of economics. Here you are asked to write a short paper that illustrates the concept. What are the short and long term price implications on the world price for rice, given the earthquake and tsunami in Japan? Would you see the same situation in Japan itself?

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Trinidad TremblayLv2

19 Aug 2019

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Q: Given the Tsunami and Earthquake in Japan, what are the short and long term price implications on the world price for rice? Would you see the same situation in Japan itself? (2 page)

It is stated that the equilibrium level of output is the most important concept in all of economics. The economy is at its best when short-run supply and aggregate demand intersect in the long-run aggregate supply curve. Suppose we are at this point. Now suppose that there is a positive aggregate demand shock that shifts out the aggregate demand curve in the short run.

What is the impact on both the quantity supplied and price?

How does the economy adjust back to the long run if the government takes NO corrective action?

What would be the impact if the government does take action to get the economy back to the long run?

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