Explain the difference between the short-run and long-run aggregate supply curves.

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A supply curve refers to the graphical representation of the product price and the quantity supplied and their relationship. The price of the product is on the y-axis while the amount of the product on the x-axis. The supply curve helps suppliers identify when to make supplies of a product high or low. When the prices are high, the supplier offers more quantity of the product while when the prices are low, they offer less quantities of the product (Reifschneider, Dave, William & David, 2015).
The aggregate supply refers to the total quantity of products planned to sell for a period by firms in the national economy. In the short-run aggregate supply, the graph is an upward sloping graph. This is because the quantity of products supplied is increasing with the rising of prices. In economics, the state of products not being bought at a high rate as expected is referred to as economic stickiness. The short-run curves help economists in firms to determine how sticky a product is.
The main purpose of long-run curve is to show the capability of a firm to provide products that meet the demand. According to the long-run supply curve, there is a temporary change in the economic output when the aggregate demand changes. Several factors affect the long-run curve. Some of them include the capital, the labor and the technological advancement of a firm. The most important factor that determines the economic status in the long-run curve is the level of production.

The difference between short-run and long-run are clear. All factors in the short-run are assumed constant while in the long-run the factors are not constant. While there is a direct correlation of the price and the level of production in the short-run, in the long-run there is no correlation. The graph shapes are also different. The graph for the short-run is seen to be sloping while that in the long-run is vertical.
The curves help in determining the future of a firm and the economic impact of their actions. They help to determine the demand of their products and are able to strategize. The curves also help them determine the best price of the products. This is done depending on the demand of the product as revealed by the curves. Supply is an important aspect of any firm and thus should be recorded precisely.
Works cited
Reifschneider, Dave, William Wascher, and David Wilcox. “Aggregate supply in the United States: recent developments and implications for the conduct of monetary policy.” IMF Economic Review 63.1 (2015): 71-109.