Supply
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This document summarizes the key concepts of market supply and market equilibrium. It defines supply as the quantity supplied of a good at a given price based on producer plans. The law of supply states that quantity supplied increases with price. A supply curve graphs this relationship. Changes in supply are caused by changes in input prices, technology, number of producers, or expected future prices. Market equilibrium occurs where quantity demanded equals quantity supplied at the equilibrium price, clearing the market of surpluses or shortages. The effects of changes in demand and supply on equilibrium price and quantity are also discussed.
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This document provides an overview of demand and supply concepts including:
- The law of demand and supply which states that quantity demanded increases with lower prices and decreases with higher prices, while quantity supplied increases with higher prices and decreases with lower prices.
- Demand and supply schedules and curves which plot the relationship between price and quantity and intersect at the market equilibrium point.
- Factors that can cause a shift in the demand or supply curves such as changes in income, tastes, prices of substitutes/complements, technology, and production costs.
- How equilibrium shortages and surpluses occur when price is above or below the equilibrium point and how markets adjust back towards equilibrium.
Demand and supply
This document summarizes key concepts of demand and supply, including:
- Demand is the quantity of a good consumers will purchase at a given price, governed by the law of demand. Supply is the quantity produced at a given price, governed by the law of supply.
- Equilibrium occurs when quantity demanded equals quantity supplied at the equilibrium price.
- Factors like income, tastes, prices of substitutes/complements can shift the demand curve. Factors like technology, input prices, and number of producers can shift the supply curve.
- When price is above equilibrium, a surplus occurs. When price is below equilibrium, a shortage occurs bringing prices back to equilibrium.
Supply
The document defines key economic concepts related to supply including:
- What supply and quantity supplied are, and how they relate to price
- The law of supply, which states that quantity supplied increases with price and decreases with price decreases
- Determinants of supply such as changes in costs, technology, profits elsewhere, number of sellers, price expectations, and government actions that can cause the supply curve to shift
- The law of diminishing returns as it relates to adding more variable inputs to fixed inputs in production
Supply and its Determinants
supply and its determinants
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Unit 2 Lesson 3 Presentation
The document discusses the basics of supply in economics. It defines supply as the willingness and ability of sellers to produce and sell a good. The law of supply states that quantity supplied varies directly with price - producers supply more at higher prices due to increased potential profits. A supply schedule lists the quantity supplied at different prices, and the supply curve shows this relationship graphically by plotting points from the schedule on a graph with quantity on the x-axis and price on the y-axis. The supply curve slopes upward. Determinants like costs of resources, technology, and number of sellers can shift the entire supply curve by changing the willingness or ability of producers.
Supply curve
The document discusses supply curves and how they relate to the quantity of goods producers are willing to supply at different price levels. It defines supply as the total output of all producers in the market and explains that supply curves slope upward because producers supply greater quantities when prices and potential profits are higher. The key factors that can cause supply curves to shift include changes in costs of production, taxes/subsidies, technology, availability of alternative goods, and number of sellers in the market.
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This document discusses the concepts of supply, the law of supply, determinants of supply, and the differences between changes in supply versus changes in quantity supplied. It defines supply as the amount of a product producers are willing to offer for sale at various price points. The law of supply states that, all else equal, quantity supplied increases with price and decreases with price. Determinants of supply include resource prices, technology, taxes/subsidies, number of sellers, and price expectations. A change in these determinants causes the supply curve to shift, while a change in price leads to a change in quantity supplied along the existing supply curve.
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This document discusses buffer stocks and their potential to stabilize commodity prices like cocoa. It explains how a buffer stock would work by purchasing excess supply when prices fall below a lower target to increase demand, and selling when prices rise above an upper target to increase supply. However, buffer stocks face challenges like not being large enough to truly impact world prices. The document also presents alternatives to buffer stocks like infrastructure investment and diversification that could better help farmers over the long run.
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This document provides an overview of demand and supply concepts including:
- The law of demand and supply which states that quantity demanded increases with lower prices and decreases with higher prices, while quantity supplied increases with higher prices and decreases with lower prices.
- Demand and supply schedules and curves which plot the relationship between price and quantity and intersect at the market equilibrium point.
- Factors that can cause a shift in the demand or supply curves such as changes in income, tastes, prices of substitutes/complements, technology, and production costs.
- How equilibrium shortages and surpluses occur when price is above or below the equilibrium point and how markets adjust back towards equilibrium.
Demand and supply
This document summarizes key concepts of demand and supply, including:
- Demand is the quantity of a good consumers will purchase at a given price, governed by the law of demand. Supply is the quantity produced at a given price, governed by the law of supply.
- Equilibrium occurs when quantity demanded equals quantity supplied at the equilibrium price.
- Factors like income, tastes, prices of substitutes/complements can shift the demand curve. Factors like technology, input prices, and number of producers can shift the supply curve.
- When price is above equilibrium, a surplus occurs. When price is below equilibrium, a shortage occurs bringing prices back to equilibrium.
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The document defines key economic concepts related to supply including:
- What supply and quantity supplied are, and how they relate to price
- The law of supply, which states that quantity supplied increases with price and decreases with price decreases
- Determinants of supply such as changes in costs, technology, profits elsewhere, number of sellers, price expectations, and government actions that can cause the supply curve to shift
- The law of diminishing returns as it relates to adding more variable inputs to fixed inputs in production
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The document discusses the basics of supply in economics. It defines supply as the willingness and ability of sellers to produce and sell a good. The law of supply states that quantity supplied varies directly with price - producers supply more at higher prices due to increased potential profits. A supply schedule lists the quantity supplied at different prices, and the supply curve shows this relationship graphically by plotting points from the schedule on a graph with quantity on the x-axis and price on the y-axis. The supply curve slopes upward. Determinants like costs of resources, technology, and number of sellers can shift the entire supply curve by changing the willingness or ability of producers.
Supply curve
The document discusses supply curves and how they relate to the quantity of goods producers are willing to supply at different price levels. It defines supply as the total output of all producers in the market and explains that supply curves slope upward because producers supply greater quantities when prices and potential profits are higher. The key factors that can cause supply curves to shift include changes in costs of production, taxes/subsidies, technology, availability of alternative goods, and number of sellers in the market.
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This document discusses the concepts of supply, the law of supply, determinants of supply, and the differences between changes in supply versus changes in quantity supplied. It defines supply as the amount of a product producers are willing to offer for sale at various price points. The law of supply states that, all else equal, quantity supplied increases with price and decreases with price. Determinants of supply include resource prices, technology, taxes/subsidies, number of sellers, and price expectations. A change in these determinants causes the supply curve to shift, while a change in price leads to a change in quantity supplied along the existing supply curve.
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This document discusses buffer stocks and their potential to stabilize commodity prices like cocoa. It explains how a buffer stock would work by purchasing excess supply when prices fall below a lower target to increase demand, and selling when prices rise above an upper target to increase supply. However, buffer stocks face challenges like not being large enough to truly impact world prices. The document also presents alternatives to buffer stocks like infrastructure investment and diversification that could better help farmers over the long run.
What are the determinants of supply
The key determinants of supply are: 1) price of the product, as higher prices increase willingness to supply; 2) technology changes which aid in lowering production costs; and 3) availability of resource supplies, as shortages can force a reduction in supply. Additional factors include taxes/subsidies, expectations about future prices, and the price of other goods a producer makes. All of these determinants influence a producer's ability and incentive to maximize profits by adjusting supply levels.
Supply ppt
The document defines supply as the quantity of a commodity offered for sale at a given price during a specific time period. It states that the law of supply is that, other things remaining the same, quantity supplied rises with price and falls with lower price. The supply curve slopes upward due to factors like diminishing marginal productivity and profit maximization goals of producers. The determinants of supply include price of the commodity, price of related goods, technology, costs, and government policy. The document discusses individual and market supply schedules and curves, and how movements along and shifts of the supply curve represent changes in quantity supplied and changes in supply, respectively.
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This document provides an overview of demand, the law of demand, determinants of demand, and how changes in demand and quantity demanded are represented. It discusses:
- The law of demand, which states that as price increases, quantity demanded decreases, and vice versa.
- Demand schedules and demand curves, and how demand curves show the negative relationship between price and quantity demanded.
- Assumptions of the law of demand, like tastes remaining constant.
- How shifts in determinants of demand like price of substitutes or complements cause the demand curve to shift.
- The difference between a change in demand (shift of the curve) versus a change in quantity demanded (movement along the
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This document discusses supply and the supply curve. It defines supply as the quantity of a good sellers are willing and able to sell. A supply curve shows the relationship between price and quantity supplied, with quantity supplied increasing as price increases. The law of supply states there is a direct relationship between price and quantity supplied. A shift in the supply curve occurs when a determinant of supply changes, such as input prices or technology, while movement along the curve shows changes in quantity supplied due to price changes. The document also discusses market supply, determinants of supply, and how equilibrium price and quantity are affected by changes in demand and supply.
Unit 2 Lesson 1: The Basics of Demand
This document discusses the basics of demand, including:
- Demand refers to a consumer's willingness and ability to purchase a good at a given price.
- The law of demand states that as price increases, quantity demanded decreases, and vice versa.
- Demand curves on graphs show price on the vertical axis and quantity on the horizontal axis, with the curve sloping downward.
- Movement along the demand curve occurs when price changes cause shifts in quantity demanded, while shifts of the entire curve happen when other factors influencing demand change.
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This document discusses price elasticity of demand, which measures how responsive demand is to changes in a good's own price. It provides the formula for calculating the price elasticity coefficient and explains what different coefficient values mean in terms of elastic vs inelastic demand. Factors that impact a good's price elasticity are also examined, such as availability of substitutes and degree of necessity. Examples are provided to demonstrate calculating price elasticity from changes in price and quantity demanded.
supply economics
1. Supply is determined by a firm's resources, technology, and production plans to profitably produce a good or service.
2. The law of supply states that, all else equal, a higher price leads producers to supply a greater quantity while a lower price results in a smaller quantity.
3. Equilibrium in a market occurs when the quantity supplied equals quantity demanded at the equilibrium price, where buyers' and sellers' plans are balanced.
Illustration of non price determinants.
This document outlines the key concepts of demand and supply, including definitions, schedules/curves, laws, determinants and equilibrium. It defines demand as the willingness and ability to purchase a good, and supply as the amount producers will provide. The laws of demand and supply state that demand is negatively correlated with price, while supply is positively correlated. Equilibrium occurs when quantity demanded equals quantity supplied at a single price point, where the demand and supply curves intersect.
The Price Mechanism in Action
The document discusses the price mechanism and how supply and demand analysis can be applied to commodity markets like crude oil and aluminum. It provides examples of how shifts in supply and demand factors like a slowdown in the Chinese economy or changes in OPEC output quotas can lead to changes in the market price. The summary also notes that volatility in commodity prices can create problems like risk/uncertainty for farmers and macroeconomic instability for commodity-exporting countries.
Law of supply
The document discusses the law of supply and determinants of supply.
1) The law of supply states that as the price of a good increases, the quantity supplied by producers also increases, and vice versa, assuming other factors remain constant.
2) The quantity supplied is directly related to price and is illustrated using supply schedules and curves.
3) Determinants of supply include technology, prices of relevant resources and alternative goods, producer expectations, number of producers, and government restrictions - all of which can shift the supply curve.
law of supply
The document discusses the law of supply, which states that the quantity supplied of a good rises as the price of that good increases, and falls as the price decreases. It defines key terms like quantity supplied and price. It also lists several determinants of supply, such as changes in technology, prices of related goods, and government policies. The document provides an example to illustrate how quantity supplied increases at higher prices based on a farmer's wheat production. It distinguishes between movements along the supply curve and shifts of the entire supply curve.
Law of supply
The document discusses the law of supply, which states that producers will supply more of a product at a higher price than at a lower price. It increases as price increases and decreases as price decreases. Unlike the law of demand, the supply relationship shows an upward slope, meaning more is supplied at a higher price. Time is also a factor, as suppliers may accommodate temporary demand changes differently than permanent changes by adjusting production over the long run. A supply curve graphically shows the hypothetical supply available at different price points, usually sloping upward as higher prices incentivize supplying more.
Law of supply
The law of supply states that there is a positive relationship between price and quantity supplied - as price increases, quantity supplied also increases. This is because higher prices increase producer profits, leading firms to substitute toward producing more of goods with higher prices. The law of supply assumes no changes to technology, costs of production, number of firms, seller expectations, taxes/subsidies, or prices of other goods. Exceptions can occur for rare goods, if sellers expect lower future prices, during stock clearances, or for perishable and agricultural products.
Factors affecting demand and supply by jaya singh
This document discusses factors that affect demand and supply. It defines demand as the desire to have a commodity or service backed by purchasing power. Factors that increase demand include rising income, lower prices of related goods, expectations of future rises in income or prices, preferences shifting towards a good, and larger population or number of buyers. Supply is defined as quantities producers are willing to sell at different prices. Factors that increase supply include lower production costs, new technologies, higher prices of related goods if they are substitutes, and expectations of future price rises. The number of sellers also increases supply.
Law of supply
The Law of Supply states that producers will supply more of a good when the price is higher and less when the price is lower. The supply curve shows the relationship between price and quantity supplied. Determinants of supply include input prices, number of competing firms, taxes, and technology. The law of diminishing returns notes that adding more of one factor of production while holding others constant will eventually decrease output per unit. Equilibrium price is where the quantity supplied meets the quantity demanded. Shortages and surpluses can occur away from this equilibrium. Price ceilings and floors are legal limits that may impact equilibrium.
Supply analysis
The document discusses the concept of supply, defining it as the amount of a commodity that sellers are able and willing to offer for sale at a given price over a period of time. It explains the law of supply, which states that supply increases with rising prices and decreases with falling prices. Additionally, it outlines the supply curve as a graphical representation of the supply schedule and how movements along and shifts of the supply curve can occur due to changes in price or other factors affecting supply.
Analysis of supply
1) The document discusses the concepts of supply, stock, the supply curve, factors affecting supply, and elasticity of supply. It defines key terms and concepts through text and diagrams.
2) The supply of a good depends on its price - the higher the price, the greater the quantity supplied according to the law of supply. The supply curve slopes upward to show the relationship between price and quantity supplied.
3) Factors like input prices, technology, and the number of sellers can cause the entire supply curve to shift, changing total supply. A price change only leads to movement along a given supply curve.
Supply analysis
This document discusses supply analysis, including the definition of supply, determinants of supply, the supply function, the law of supply, and assumptions underlying the law of supply. It also covers supply schedules, different types of supply curves including extension and contraction, supply shifts both rightward and leftward, exceptions to the law of supply, and elasticity of supply.
Cross price elasticity
This document discusses cross price elasticity of demand, which measures the responsiveness of the demand for one good to a change in the price of a related good. It provides examples of substitutes, where a price increase of one good raises demand for the other, and complements, where a price decrease of one good increases demand for the other. It also shows calculations of cross price elasticity values and how the strength of the relationship between goods is indicated by the coefficient. Charts illustrate the relationships between substitutes and complements. Finally, it analyzes cross price elasticity factors for UK cinema ticket prices.
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The document discusses the economic concepts of supply, determinants of supply, the law of supply, supply schedules and curves, market versus individual supply, equilibrium of supply and demand, and how shifts in supply and demand curves impact equilibrium price and quantity. It provides examples of supply and demand schedules and equilibrium, and how excess supply or demand can lead to changes in price until equilibrium is restored. It also includes 10 examples of how changes in factors can shift supply and demand curves and impact price and quantity.
THEORY OF DEMAND AND SUPPLY
This document defines key economic concepts related to demand and supply, including:
- Demand is the desire and ability to purchase goods, defined by a demand schedule and curve showing the relationship between price and quantity demanded.
- The law of demand states that as price increases, quantity demanded decreases, assuming other factors remain constant.
- Supply is the quantity of a good producers are willing to provide at a given price, defined by a supply curve showing the positive relationship between price and quantity supplied.
- Determinants like tastes, income, and expectations can cause shifts in the demand curve, while costs and technology can shift the supply curve.
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What are the determinants of supply
The key determinants of supply are: 1) price of the product, as higher prices increase willingness to supply; 2) technology changes which aid in lowering production costs; and 3) availability of resource supplies, as shortages can force a reduction in supply. Additional factors include taxes/subsidies, expectations about future prices, and the price of other goods a producer makes. All of these determinants influence a producer's ability and incentive to maximize profits by adjusting supply levels.
Supply ppt
The document defines supply as the quantity of a commodity offered for sale at a given price during a specific time period. It states that the law of supply is that, other things remaining the same, quantity supplied rises with price and falls with lower price. The supply curve slopes upward due to factors like diminishing marginal productivity and profit maximization goals of producers. The determinants of supply include price of the commodity, price of related goods, technology, costs, and government policy. The document discusses individual and market supply schedules and curves, and how movements along and shifts of the supply curve represent changes in quantity supplied and changes in supply, respectively.
Lecture2
This document provides an overview of demand, the law of demand, determinants of demand, and how changes in demand and quantity demanded are represented. It discusses:
- The law of demand, which states that as price increases, quantity demanded decreases, and vice versa.
- Demand schedules and demand curves, and how demand curves show the negative relationship between price and quantity demanded.
- Assumptions of the law of demand, like tastes remaining constant.
- How shifts in determinants of demand like price of substitutes or complements cause the demand curve to shift.
- The difference between a change in demand (shift of the curve) versus a change in quantity demanded (movement along the
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This document discusses supply and the supply curve. It defines supply as the quantity of a good sellers are willing and able to sell. A supply curve shows the relationship between price and quantity supplied, with quantity supplied increasing as price increases. The law of supply states there is a direct relationship between price and quantity supplied. A shift in the supply curve occurs when a determinant of supply changes, such as input prices or technology, while movement along the curve shows changes in quantity supplied due to price changes. The document also discusses market supply, determinants of supply, and how equilibrium price and quantity are affected by changes in demand and supply.
Unit 2 Lesson 1: The Basics of Demand
This document discusses the basics of demand, including:
- Demand refers to a consumer's willingness and ability to purchase a good at a given price.
- The law of demand states that as price increases, quantity demanded decreases, and vice versa.
- Demand curves on graphs show price on the vertical axis and quantity on the horizontal axis, with the curve sloping downward.
- Movement along the demand curve occurs when price changes cause shifts in quantity demanded, while shifts of the entire curve happen when other factors influencing demand change.
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Supply meaning, Change in Supply, Change in quantity supply, Determinant of supply, Reason of changes in supply other than price of the products
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This document discusses price elasticity of demand, which measures how responsive demand is to changes in a good's own price. It provides the formula for calculating the price elasticity coefficient and explains what different coefficient values mean in terms of elastic vs inelastic demand. Factors that impact a good's price elasticity are also examined, such as availability of substitutes and degree of necessity. Examples are provided to demonstrate calculating price elasticity from changes in price and quantity demanded.
supply economics
1. Supply is determined by a firm's resources, technology, and production plans to profitably produce a good or service.
2. The law of supply states that, all else equal, a higher price leads producers to supply a greater quantity while a lower price results in a smaller quantity.
3. Equilibrium in a market occurs when the quantity supplied equals quantity demanded at the equilibrium price, where buyers' and sellers' plans are balanced.
Illustration of non price determinants.
This document outlines the key concepts of demand and supply, including definitions, schedules/curves, laws, determinants and equilibrium. It defines demand as the willingness and ability to purchase a good, and supply as the amount producers will provide. The laws of demand and supply state that demand is negatively correlated with price, while supply is positively correlated. Equilibrium occurs when quantity demanded equals quantity supplied at a single price point, where the demand and supply curves intersect.
The Price Mechanism in Action
The document discusses the price mechanism and how supply and demand analysis can be applied to commodity markets like crude oil and aluminum. It provides examples of how shifts in supply and demand factors like a slowdown in the Chinese economy or changes in OPEC output quotas can lead to changes in the market price. The summary also notes that volatility in commodity prices can create problems like risk/uncertainty for farmers and macroeconomic instability for commodity-exporting countries.
Law of supply
The document discusses the law of supply and determinants of supply.
1) The law of supply states that as the price of a good increases, the quantity supplied by producers also increases, and vice versa, assuming other factors remain constant.
2) The quantity supplied is directly related to price and is illustrated using supply schedules and curves.
3) Determinants of supply include technology, prices of relevant resources and alternative goods, producer expectations, number of producers, and government restrictions - all of which can shift the supply curve.
law of supply
The document discusses the law of supply, which states that the quantity supplied of a good rises as the price of that good increases, and falls as the price decreases. It defines key terms like quantity supplied and price. It also lists several determinants of supply, such as changes in technology, prices of related goods, and government policies. The document provides an example to illustrate how quantity supplied increases at higher prices based on a farmer's wheat production. It distinguishes between movements along the supply curve and shifts of the entire supply curve.
Law of supply
The document discusses the law of supply, which states that producers will supply more of a product at a higher price than at a lower price. It increases as price increases and decreases as price decreases. Unlike the law of demand, the supply relationship shows an upward slope, meaning more is supplied at a higher price. Time is also a factor, as suppliers may accommodate temporary demand changes differently than permanent changes by adjusting production over the long run. A supply curve graphically shows the hypothetical supply available at different price points, usually sloping upward as higher prices incentivize supplying more.
Law of supply
The law of supply states that there is a positive relationship between price and quantity supplied - as price increases, quantity supplied also increases. This is because higher prices increase producer profits, leading firms to substitute toward producing more of goods with higher prices. The law of supply assumes no changes to technology, costs of production, number of firms, seller expectations, taxes/subsidies, or prices of other goods. Exceptions can occur for rare goods, if sellers expect lower future prices, during stock clearances, or for perishable and agricultural products.
Factors affecting demand and supply by jaya singh
This document discusses factors that affect demand and supply. It defines demand as the desire to have a commodity or service backed by purchasing power. Factors that increase demand include rising income, lower prices of related goods, expectations of future rises in income or prices, preferences shifting towards a good, and larger population or number of buyers. Supply is defined as quantities producers are willing to sell at different prices. Factors that increase supply include lower production costs, new technologies, higher prices of related goods if they are substitutes, and expectations of future price rises. The number of sellers also increases supply.
Law of supply
The Law of Supply states that producers will supply more of a good when the price is higher and less when the price is lower. The supply curve shows the relationship between price and quantity supplied. Determinants of supply include input prices, number of competing firms, taxes, and technology. The law of diminishing returns notes that adding more of one factor of production while holding others constant will eventually decrease output per unit. Equilibrium price is where the quantity supplied meets the quantity demanded. Shortages and surpluses can occur away from this equilibrium. Price ceilings and floors are legal limits that may impact equilibrium.
Supply analysis
The document discusses the concept of supply, defining it as the amount of a commodity that sellers are able and willing to offer for sale at a given price over a period of time. It explains the law of supply, which states that supply increases with rising prices and decreases with falling prices. Additionally, it outlines the supply curve as a graphical representation of the supply schedule and how movements along and shifts of the supply curve can occur due to changes in price or other factors affecting supply.
Analysis of supply
1) The document discusses the concepts of supply, stock, the supply curve, factors affecting supply, and elasticity of supply. It defines key terms and concepts through text and diagrams.
2) The supply of a good depends on its price - the higher the price, the greater the quantity supplied according to the law of supply. The supply curve slopes upward to show the relationship between price and quantity supplied.
3) Factors like input prices, technology, and the number of sellers can cause the entire supply curve to shift, changing total supply. A price change only leads to movement along a given supply curve.
Supply analysis
This document discusses supply analysis, including the definition of supply, determinants of supply, the supply function, the law of supply, and assumptions underlying the law of supply. It also covers supply schedules, different types of supply curves including extension and contraction, supply shifts both rightward and leftward, exceptions to the law of supply, and elasticity of supply.
Cross price elasticity
This document discusses cross price elasticity of demand, which measures the responsiveness of the demand for one good to a change in the price of a related good. It provides examples of substitutes, where a price increase of one good raises demand for the other, and complements, where a price decrease of one good increases demand for the other. It also shows calculations of cross price elasticity values and how the strength of the relationship between goods is indicated by the coefficient. Charts illustrate the relationships between substitutes and complements. Finally, it analyzes cross price elasticity factors for UK cinema ticket prices.
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Supply and market equilibriun
The document discusses the economic concepts of supply, determinants of supply, the law of supply, supply schedules and curves, market versus individual supply, equilibrium of supply and demand, and how shifts in supply and demand curves impact equilibrium price and quantity. It provides examples of supply and demand schedules and equilibrium, and how excess supply or demand can lead to changes in price until equilibrium is restored. It also includes 10 examples of how changes in factors can shift supply and demand curves and impact price and quantity.
THEORY OF DEMAND AND SUPPLY
This document defines key economic concepts related to demand and supply, including:
- Demand is the desire and ability to purchase goods, defined by a demand schedule and curve showing the relationship between price and quantity demanded.
- The law of demand states that as price increases, quantity demanded decreases, assuming other factors remain constant.
- Supply is the quantity of a good producers are willing to provide at a given price, defined by a supply curve showing the positive relationship between price and quantity supplied.
- Determinants like tastes, income, and expectations can cause shifts in the demand curve, while costs and technology can shift the supply curve.
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Supply and Demand
The document discusses the concepts of supply and demand in economics. It defines price as the amount a good or service will sell for in a market. Supply is how much a producer is willing to produce at a given price level. Demand is an individual's need or want for a good at a given price. The law of demand states that as price decreases, demand increases, and the law of supply says that as price increases, supply increases.
Demand and supply .ppt
This document discusses demand and supply from the perspective of firms and households. It defines firms as organizations that transform resources into products, and entrepreneurs as people who organize and manage firms. Households are the consuming units that demand goods and services. The circular flow diagram shows the connections between firms, households, input markets, and output markets. Demand is determined by price, income, wealth, tastes and preferences. The law of demand states that as price increases, quantity demanded decreases. A shift in demand occurs when a determinant of demand other than price changes, causing the demand curve to shift.
Supply and Demand
Covers the basics of the law of supply and demand, as well as some of the factors of production and demand.
Demand and supply
This document discusses key concepts related to demand and supply, including:
1) Demand and supply schedules show the relationship between price and quantity at different price levels. Demand and supply curves graph this relationship.
2) A change in a non-price factor like income causes a shift of the demand or supply curve, while a price change results in movement along the curve.
3) Equilibrium occurs where quantity demanded equals quantity supplied. Price controls can result in surpluses or shortages from the equilibrium.
4) Elasticity measures the responsiveness of one variable to changes in another. It is used to analyze how changes in price or other factors affect revenue and consumer behavior.
The theory of demand and supply
The document discusses the theory of demand and supply. It defines key concepts like demand, supply, equilibrium, and determinants. It explains the laws of demand and supply - that quantity demanded increases when price decreases and quantity supplied increases when price increases. The document also discusses how shifts in demand or supply curves impact equilibrium price and quantity in the market.
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Supply is a fundamental economic concept that describes the total amount of a specific good or service that is available to consumers. Supply can relate to the amount available at a specific price or the amount available across a range of prices if displayed on a graph.
Supply and demand is perhaps one of the most fundamental concepts of economics and it is the backbone of a market economy. Demand refers to how much (quantity) of a product or service is desired by buyers. ... Supply represents how much the market can offer.
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This document discusses supply, including the law of supply, supply schedules, supply curves, market supply, and the differences between changes in supply versus changes in quantity supplied. The law of supply states that price and quantity supplied move directly. A supply schedule shows the quantity supplied at different prices, and a supply curve graphs this relationship. Market supply is the total supply from all firms. A change in supply is a shift of the supply curve due to factors like input prices, technology, the number of sellers, or taxes. A change in quantity supplied moves along the existing supply curve due to price changes.
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Demand is determined by consumers' plans to purchase a good based on price, income, preferences and other factors. The quantity demanded refers to the amount consumers will buy at a given price when other influences are held constant. The law of demand states that, ceteris paribus, quantity demanded varies inversely with price - as price increases, quantity demanded decreases, and vice versa. A change in demand occurs when a determinant other than price changes, shifting the demand curve, whereas a change in quantity demanded results from a price change along a given demand curve.
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This document provides an introduction to supply, demand, and market equilibrium through a PowerPoint presentation. It defines demand and supply, shows how demand and supply schedules can be represented graphically with demand and supply curves, and explains how the curves can shift due to various factors. It also introduces the concept of market equilibrium where quantity demanded equals quantity supplied, resulting in a market clearing price.
Supply and Demand in grade12 student PPT.pdf
Introduction to Demand
We buy products for their utility- the pleasure, usefulness, or satisfaction they give us.
What is your utility for the following products? (Measure your utility by the maximum amount you would be willing to pay for this product)Do we have the same utility for these goods?Introduction to Demand
One reason the demand curve slopes downward is due to diminish marginal utility
The principle of diminishing marginal utility says that our additional satisfaction tends to go down as we consume more and more units.
To make a buying decision, we consider whether the satisfaction we expect to gain is worth the money we must give up.
Changes in Demand
Demand Curves can also shift in response to the following factors:
Buyers (# of): changes in the number of consumers
Income: changes in consumers' income
Tastes: changes in preference or popularity of product/ service
Expectations: changes in what consumers expect to happen in the future
Related goods: compliments and substitutes.
BITER: factors that shift the demand curve
Changes in Demand
Prices of related goods affect on demand
Substitute goods a substitute is a product that can be used in the place of another.
The price of the substitute good and demand for the other good are directly related
For example, Coke Price
Pepsi Demand
Complementary goods a compliment is a good that goes well with another good.
When goods are complements, there is an inverse relationship between the price of one and the demand for the other
For example, Peanut Butter Price
Jam Demand
Introduction to Supply
Supply refers to the various quantities of a good or service that producers are willing to sell at all possible market prices.
Supply can refer to the output of one producer or to the total output of all producers in the market (market supply).Introduction to Supply
• A supply schedule can be shown as points on a graph.
• The graph lists prices on the vertical axis and quantities supplied on the horizontal axis.
• Each point on the graph shows how many units of the product or service a producer (or group of producers) would willing sell at a particular price.
• The supply curve is the line that connects these points.
Introduction to Supply
As the price for a good rises, the quantity supplied rises and the quantity demanded falls. As the price falls, the quantity supplied falls and the quantity demanded rises.
The law of supply holds that producers will normally offer more for sale at higher prices and less at lower prices.Introduction to Supply
• The reason the supply curve slopes upward is due to costs and profit.
• Producers purchase resources and use them to produce output.
• Producers will incur costs as they bid resources away from their alternative uses.Introduction to Supply
• Businesses provide goods and services hoping to make a profit.
Profit is the money a business has left over after it covers its costs.
Businesses try to sell at prices high enough to cover it
Article Report Worksheet For Unit One, we will be re.docx
Article Report Worksheet
For Unit One, we will be reflecting upon the connections between humans and the environment. This
worksheet will help you prepare for class discussion.
Go to one or more of the following websites:
BBC world news: http://www.bbc.com/news
New York Times world news: https://www.nytimes.com/section/world?mcubz=1
NPR world news: http://www.npr.org/sections/news/
Smithsonian Magazine: https://www.nytimes.com/section/world?mcubz=1
Spend 30 minutes looking for articles that you think help to answer this question:
"What is the role of human technological change in shaping the environment?"
Pick at least two articles that you think best answer this question. One article should be about America,
and one article should be about another part of the world.
Then open a new word doc, put your name and section time on the top. Please provide the following
information for each article:
1. Technology and the Environment in America
-Title and author of article
-Journal title
-Three sentence summary of article
-One new question that comes to your mind after reading this article
2. Technology and the Environment in the World
-Title and author of article
-Journal title
-Three sentence summary of article
-One new question that comes to your mind after reading this article
3. Reflections
In 2 paragraphs: What do you think these articles tell us about the connection between technology and
the environment?
http://www.bbc.com/news
https://www.nytimes.com/section/world?mcubz=1
http://www.npr.org/sections/news/
https://www.nytimes.com/section/world?mcubz=1
Supply and Demand
1/17/19 –
1/22/19
Preclass Music: eBay by Weird Al Yankovic
https://www.youtube.com/watch?v=YKtlK7sn0JQ
Previously
• “Scarcity” refers to the limited nature of
society's resources.
• The production possibilities frontier (PPF)
is an illustration of the goods and services
an economy is capable of producing.
• Trade is generally mutually beneficial for
both parties involved.
Big Questions
1. What are the fundamentals of markets?
2. What determines demand?
3. What determines supply?
4. How can we model shifts in markets using the
supply-demand model?
• What factors
affect the price of
gasoline?
Here’s a question for you…
Fundamentals of Markets—1
• Firms
– Supply goods (or services)
• Consumers
– Purchase goods supplied by firms
• Exchange happens
– Through prices established in markets
– Supply or demand factors can change the
market price
• Market
– Place where buyers and sellers meet
• Doesn’t have to be a physical place
Fundamentals of Markets—2
Fundamentals of Markets—3
• Market economy
– Resources are allocated
among households and
firms with little or no
government
interference.
– Producers and
consumers are
motivated by self-
interest.
• Characteristics of a competitive market:
– Many buyers and sellers
– The goods s.
2019 Supply and Demand2.pptx
The document provides an overview of supply and demand concepts in economics. It defines key terms like supply, demand, equilibrium price, and elasticity. Supply is determined by factors such as production costs, number of suppliers, and technology. Demand is influenced by price, consumer preferences and income, number of buyers, and prices of related goods. The law of supply states that quantity supplied increases with price, while the law of demand says quantity demanded decreases with price. When supply and demand are equal at a price, the market reaches equilibrium. Shifts in supply or demand curves can occur due to changes in these underlying determinants.
Microeconomicsch 4
This document discusses microeconomics concepts related to supply and demand. It defines key terms like market, demand, the law of demand, demand curves, and factors that can shift demand curves. It also defines supply, the law of supply, supply curves, and factors that can shift supply curves. The document shows how the interaction of supply and demand determines the equilibrium price and quantity in a market through supply and demand curves.
topic-4-5.ppt
This lesson outline covers the key concepts of supply and demand. It begins with introducing supply and demand using practical examples. It then discusses how knowledge of how prices are affected can help entrepreneurs. The bulk of the lesson involves instruction on the supply and demand model and its applications in competitive markets through discussion and an analysis activity. An optional enrichment activity involves researching how changes in one market can affect other markets. The lesson concludes with an evaluation.
Chapter 3 - An Introduction to Demand and Supply.ppt
This document provides an introduction to demand and supply, including key concepts such as:
- Markets connect buyers and sellers of goods and services. Common types of markets include goods, labor, and stock markets.
- Demand refers to how much of a good or service consumers are willing and able to purchase at different prices. The demand curve slopes downward, as consumers demand more of a good at lower prices. Changes in factors like income can shift the demand curve.
- Supply refers to how much of a good or service producers are willing to provide at different prices. The supply curve slopes upward, as producers supply more of a good at higher prices. Changes in costs and other factors can shift the supply curve
Supply
The document discusses the concept of supply. It makes three key points:
1. The law of supply states that the quantity supplied of a good rises as the price rises and falls as the price falls, other factors remaining constant. This relationship is represented by the upward-sloping supply curve.
2. A movement along the supply curve shows the effect of a price change on quantity supplied, holding all else equal. A shift of the supply curve indicates how quantity supplied is affected by non-price factors like input prices, technology, taxes, and expectations.
3. The market supply curve is derived by adding the individual supply curves of all suppliers in the market. It shows the relationship between total quantity supplied in
Lecture 2 Supply, Demand, and Market Equilibrium.ppt
This document provides an introduction to the economic concepts of supply, demand, and market equilibrium. It includes definitions of demand and supply, how to represent them graphically with demand and supply curves, and how the interaction of supply and demand determines the equilibrium price in a market. Key points covered include: the downward slope of the demand curve and upward slope of the supply curve; factors that can cause a shift in demand or supply; how surpluses and shortages occur at prices above or below the equilibrium price; and how markets work to eliminate surpluses and shortages over time through price adjustments.
SupplyandDemand.ppt
This document provides an introduction to the economic concepts of supply, demand, and market equilibrium. It includes definitions of demand and supply, how to represent them graphically with demand and supply curves, and factors that can cause the curves to shift. The key points covered are:
- Demand is based on willingness and ability to purchase, represented by a downward sloping demand curve. The curve can shift from changes in income, tastes, expectations, or prices of related goods.
- Supply is based on willingness to produce and sell at different price levels, represented by an upward sloping supply curve. The curve can shift from changes in costs of production, technology, or prices of other goods.
- Where the demand and
Law of Supply and Demand
The document discusses supply and demand theory. It explains that supply and demand curves slope upward and downward respectively, showing that quantity supplied increases with price while quantity demanded decreases with price. A change in price results in movement along the existing curves, while other factors like income, tastes, technology, and costs can cause the curves to shift left or right. The interaction of supply and demand determines market equilibrium price and quantity.
Supply 1
The document discusses the economic concept of supply. It defines supply and demand, and explains the law of supply - that as price increases, quantity supplied increases and vice versa. It describes the upward sloping supply curve and why it slopes that way due to producers supplying more at higher prices where profits are greater. The document outlines factors that can shift the supply curve, such as changes in technology, natural conditions, government policies, or input prices. It provides examples of how each of these factors would shift the supply curve for different goods.
demandsupplyandequilibrium-160710114855.pptx
Demand, supply, and equilibrium are central concepts in microeconomics. Demand is the quantity of a good consumers are willing and able to purchase at a given price, following the law of demand. Supply is the quantity producers are willing to provide at a given price, following the law of supply. Equilibrium occurs where quantity demanded equals quantity supplied, establishing the equilibrium price and quantity. Elasticity measures the responsiveness of demand or supply to changes in factors like price or income. Price elasticity indicates whether demand is elastic, inelastic, or unit elastic. Income and cross elasticities also help explain how demands interact.
AS Micro: Determinants of Supply
This document discusses the key concepts of supply including the meaning of supply, the law of supply, and supply curves. It explains that the law of supply states that as price rises, quantity supplied increases, as shown by upward sloping supply curves. Supply curves can shift due to changes in production costs, taxes, technology, number of producers, and prices of substitutes. Joint supply occurs when increased output of one good increases supply of another good. Examples given are beef and beef hides, which are jointly supplied.
4 supply theory
The document discusses the theory of supply. It defines supply as the quantity of a commodity a producer is willing to sell at a particular price during a given time period. Supply is determined by various factors such as the price of the commodity, price of related goods, number of firms, technology, price of factors of production, expected future prices, and government policies. The relationship between price and quantity supplied is shown using supply schedules and supply curves. A change in price results in movement along the curve, while a change in other factors causes a shift in the supply curve.
Pfs assignment 3
This document provides an overview of demand, supply, and market equilibrium. It begins with introducing the key concepts of demand, including the law of demand which states that as price increases, quantity demanded decreases. Supply is also introduced, with the law of supply stating that as price increases, quantity supplied also increases. Market equilibrium is explained as the price where quantity demanded equals quantity supplied. The document then discusses how equilibrium can change if either demand or supply shifts due to various factors such as income, prices of related goods, technology, and more. Examples are provided to illustrate these concepts and how equilibrium adjustments occur when demand or supply changes.
Economic Demand
Demand is an economic principle that describes a consumer's desire and willingness to pay a price for a specific good or service. Holding all other factors constant, an increase in the price of a good or service will decrease demand, and vice versa.
Demand refers to how much (quantity) of a product or service is desired by buyers. The quantity demanded is the amount of a product people are willing to buy at a certain price; the relationship between price and quantity demanded is known as the demand relationship. Supply represents how much the market can offer.
Similar to Supply (20)
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More from Bhupendra Bule
Price change income and substittution effects
1) Economists separate the impact of a price change into a substitution effect and income effect. The substitution effect is due to changes in relative prices, while the income effect is due to changes in purchasing power.
2) There are two main methods to decompose the price effect: the Hicksian method and the Slutsky method. The Hicksian method isolates the substitution effect by holding utility constant, while the Slutsky method does so by holding purchasing power constant.
3) For normal goods, the substitution and income effects reinforce each other, ensuring demand falls when price rises. Rare inferior goods can see opposing effects, potentially causing demand to rise with price - known as Giffen goods.
Perfectcompetition
Perfect competition is characterized by many small firms, identical products, free entry and exit, and perfect information. In the short run, firms take the market price as given and produce where marginal cost equals marginal revenue to maximize profits. If there are profits, more firms will enter in the long run, driving the price down until it equals minimum average total cost and profits are zero. If there are losses, firms will exit until price increases and losses disappear, also resulting in zero profits in the long run equilibrium.
Oligopoly
1. The document discusses market structures including monopolistic competition and oligopoly. It provides characteristics and examples of each.
2. Monopolistic competition is characterized by many firms producing differentiated products, free entry and exit into the industry, and firms having some limited market power through product differentiation. Examples include restaurants and hand soap.
3. Oligopoly is characterized by a market dominated by a small number of firms. The behavior of each firm depends on the actions of other firms in the industry. Examples of oligopolistic industries include automobiles and aluminum production.
Monopoly1
A monopoly is a market structure with a single firm that produces all output and faces no close substitutes. Barriers to entry such as control of raw materials, economies of scale, patents/copyrights, and legal restrictions prevent other firms from entering the market. A monopolist chooses its profit-maximizing quantity where marginal revenue equals marginal cost and charges the highest price consumers are willing to pay for that quantity. While monopoly may encourage innovation, it results in deadweight loss from producing less output than would be produced under perfect competition.
Intro lecture
1) Economics is the study of how society manages its scarce resources. A society, like a household, faces decisions about what jobs will be done and who will do them.
2) Resources are scarce so there are tradeoffs - to obtain one thing requires giving up another. For example, a student can spend her time studying economics or mathematics but not both.
3) Comparative advantage explains why specialization and trade can benefit all parties - one produces what they are relatively better at, even if not absolutely the best, and trades for other goods.
Indifference curve
This document discusses indifference curves and utility maximization. It introduces indifference curves as graphical representations of combinations of goods that provide the same level of satisfaction to a consumer. Indifference curves slope downward and are convex, showing an inverse relationship between consumption of different goods. The marginal rate of substitution measures how much of one good a consumer is willing to trade for another good. Consumer equilibrium occurs where the indifference curve tangent is equal to the budget constraint slope. Changes in prices impact consumer equilibrium through income and substitution effects.
Firms
This document discusses key concepts related to a firm's costs of production. It defines total revenue, total cost, and profit. It explains the differences between explicit costs (direct money outlays) and implicit costs (opportunity costs that do not involve a direct payment). It also discusses how a firm's production function, marginal product, and total costs are related, and how average costs, marginal costs, and total cost curves are derived based on a firm's cost structure. Key properties of these curves, like their U-shaped average total cost curve and where marginal cost crosses average total cost, are also summarized.
Elasticity2
This document discusses different types of elasticities, including price elasticity of demand, income elasticity of demand, cross elasticity of demand, and price elasticity of supply. It provides definitions and examples of each type of elasticity, including how total expenditure relates to price elasticity of demand. Tables and graphs are included to illustrate these concepts.
Elasticity
The document discusses the concept of elasticity and price elasticity of demand. It explains that elasticity is used to measure the responsiveness of quantity demanded to a change in price in a way that is independent of the units of measurement. Price elasticity of demand is calculated as the percentage change in quantity divided by the percentage change in price. Demand can be inelastic, unit elastic, or elastic depending on whether the percentage changes in quantity and price are less than, equal to, or greater than each other, respectively. The elasticity is influenced by factors like availability of substitutes, proportion of income spent, and time elapsed since a price change.
Consumer2 behaviour indifference curve
This document discusses consumer behavior and how consumers make choices based on their budget constraints and preferences. It covers the key concepts of budget lines, indifference curves, marginal rates of substitution, and how consumer choices are impacted by changes in income and prices. The budget line shows the combinations of goods a consumer can afford given their income, while indifference curves represent bundles of goods that make the consumer equally satisfied. Changes in income shift the budget line, allowing the consumer to achieve a higher indifference curve. Changes in prices rotate and change the slope of the budget line, impacting consumption through income and substitution effects.
Consumer 1 behaviour
This document provides an introduction to concepts related to consumer behavior and utility theory in economics. It defines total utility as the utility derived from consuming a good, and marginal utility as the change in total utility from consuming one additional unit of a good. It describes the law of diminishing marginal utility, which states that marginal utility declines as consumption increases. The document uses examples to illustrate the shapes of total and marginal utility curves. It then explains how consumers seek to maximize utility subject to their budget by equating marginal utility per dollar across goods. This leads to the concept of consumer equilibrium. Finally, it defines consumer surplus as the difference between what consumers are willing to pay and the actual price paid.
Supply and demand
The document discusses price ceilings, price floors, and taxes through examples and analysis. A price ceiling of $2.00 per ice cream cone is shown to create a shortage of 50 cones as demand at that price is 125 cones but supply is only 75 cones. Price floors similarly create surpluses by requiring prices above the market equilibrium. Taxes can be levied on buyers or sellers, with tax incidence depending on the elasticities of supply and demand.
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みなさんこんにちはこれ何文字まで入るの？40文字以下不可とか本当に意味わからないけどこれ限界文字数書いてないからマジでやばい文字数いけるんじゃないの？えこ...
みなさんこんにちはこれ何文字まで入るの？40文字以下不可とか本当に意味わからないけどこれ限界文字数書いてないからマジでやばい文字数いけるんじゃないの？えこ...
Securing your Kubernetes cluster_ a step-by-step guide to success !
Securing your Kubernetes cluster_ a step-by-step guide to success !
Supply
- 1. Lecture 5 Market Supply And Market Equilibrium •Supply: Quantity Supplied and Changes in Supply •Demand and Supply Equilibrium
- 2. Supply • If a firm supplies a good or service, the firm – Has the resources and technology to produce it, – Can profit from producing it, and – Has made a definite plan to produce it and sell it.
- 3. What determines selling plans? – The price of the good – The prices of resources used to produce the good – Technology – The number of suppliers – The prices of related goods produced – Expected future prices
- 4. •The relationship between the amount supplied of a good and the good’s price Quantity Supplied •The relationship between the amount supplied of a good and everything else Changes in Supply
- 5. Supply • The quantity supplied of a good or service is the amount that producers plan to sell during a given time period at a particular price.
- 6. • The Law of Supply – Ceteris Paribus, the higher the price of a good, the greater is the quantity supplied; And Vice Versa
- 7. WHY? The Reason for the Law • Increasing marginal (opportunity) cost (recall lecture 2)
- 8. Price (dollar per CD) Marginal Cost MC 5 4 3 2 1 0 1 2 3 4 5 CDs (millions per month)
- 9. Supply Schedule and Supply Curve Supply schedules list the quantities supplied at alternative prices Supply curves are graphs of supply schedules
- 10. Supply Schedule Price Quantity (dollars per CD) (millions of CDs per week) a 1 0 b 2 3 c 3 4 d 4 5 e 5 6
- 11. Price (dollar per CD) Supply Curve 6 Supply of CDs 5 e 4 d 3 c 2 1 0 b a 2 4 6 8 10 CDs (millions per month)
- 12. Price A Price Increase S0 P1 P0 Q0 Q1 Quantity
- 13. Supply • A Change in Supply – When any factor that influences selling plans changes, other than the price of the good, there is a change in supply.
- 14. Demand An increase in supply causes the supply curve to SHIFT RIGHTWARD
- 16. Demand A decrease in supply causes the supply curve to SHIFT LEFTWARD
- 18. Changes in Supply Are Caused by – The prices of resources used to produce the good – Technology – The number of suppliers – The prices of related goods produced – Expected future prices
- 19. Consider the First 3 and an Increase in Supply • Price of Productive Resources -higher or lower? • Technology -- better or worse? • The Number of Suppliers -- more or fewer?
- 20. Increase in Supply • Price of Productive Resources -- lower! • Technology -- better! • The Number of Suppliers -- more!
- 22. • Price of Related Goods Produced – Complements in Production If the price of leather increases, what happens to the Supply of beef?
- 23. Price Supply of Beef? Increase in supply S0 S1 Quantity
- 24. • Price of Related Goods Produced – Substitutes in Production If the price of shirts increases, what happens to the supply of Dresses?
- 26. WHICH LEAVES…. A Change in Supply Expected Future Prices
- 27. A Change in Supply COLD WEATHER: significantly reduces Florida orange crop Concentrated Orange juice stored to take advantage of higher future price.
- 29. Market Equilibrium Having Now Considered Demand and Supply Put them together to consider Market Equilibrium
- 30. Market Equilibrium • Equilibrium price: price at which quantity demanded equals quantity supplied. • Equilibrium quantity: quantity bought and sold at the equilibrium price.
- 31. Price (dollar per CD) Market Equilibrium at the intersection of demand & supply curves 6 Supply of CDs 5 4 3 2 Demand for CDs 1 0 2 4 6 8 10 CDs (millions per month)
- 32. • Shortages and Surpluses generate the pressures for the emergence of the equilibrium price – price too low creates a Shortage: price will be forced up – price too high creates a Surplus: price will be forced down
- 33. Price (dollar per CD) Market Equilibrium 6 Supply of CDs 5 4 3 2 shortage 1 0 Demand for CDs 2 3 4 6 8 10 CDs (millions per month)
- 34. Price (dollar per CD) Market Equilibrium 6 surplus 5 Supply of CDs 4 3 2 Demand for CDs 1 0 2 3 4 5 6 8 10 CDs (millions per month)
- 35. How Does Equilibrium Change When Demand and Supply change There are 8 Combinations of Changes Rule 1: Compare the initial equilibrium point to the new one! Rule 2: Analytical tools are your friends, USE THEM!
- 36. Example Supply decreases and demand decreases What happens to price and quantity?
- 37. Price (dollar per ?) The Effects of a Decrease in Both Demand and Supply 6 5 4 Price Constant? Not Necessarily Quantity Falls 3 2 1 0 2 4 6 8 10 12 14 Quantity (millions of ? per week)
- 38. Price (dollar per ?) The Effects of a Decrease in Both Demand and Supply 6 5 4 3 2 1 0 2 4 6 8 10 12 14 Quantity (millions of ? per week)
Editor's Notes
- Instructor Notes: The table shows the supply schedule of tapes. For example, at $2 a tape, 3 million tapes a week are supplied; at $5 a tape, 6 million tapes a week are supplied.
- Instructor Notes: 1) The supply curve shows the relationship between the quantity supplied and price, everything else remaining the same. 2) The supply curve usually slopes upward: As the price of a good increases, so does the quantity supplied. 3) A supply curve can be read in two ways. For a given price, it tells us the quantity that producers plan to sell. 4) And for a given quantity, it tells us the minimum price that producers are willing to accept for that quantity.
- Instructor Notes: 1) The new supply curve intersects the new demand curve at $3 a tape, the same price as before, but the quantity increases to 8 million tapes a week. 2) These increases in demand and supply increase the quantity but leave the price unchanged.
- Instructor Notes: 1) The new supply curve intersects the new demand curve at $3 a tape, the same price as before, but the quantity increases to 8 million tapes a week. 2) These increases in demand and supply increase the quantity but leave the price unchanged.