Supply & Demand # 5 What is Supply?.

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Presentation transcript:

Supply & Demand # 5 What is Supply?

Review! List a product that is price elastic. Name 2 products that are complements. If you know a product is going on sale next week, how will demand shift this week? Give 1 reason demand might shift to the left? Using the graph, draw a demand curve. Then draw an increase in the change in demand.

Supply *Profit = Revenue ( ) – Cost The amount of a product producers are willing & able to supply at a given price in a given time period Producers want to maximize profit *Profit = Revenue ( ) – Cost

What would you rather produce? You make lamps that sell for $150 and cost $100 to make. OR B. You make lamps that sell for $75 and cost $15 to make.

Law of Supply Quantity supplied is directly related to price Higher price – increase supply Lower price – decrease supply More willing to supply @ higher prices More able to supply if marginal cost of making more is low

Supply Schedule A listing that shows the various quantities of a product supplied at all possible prices in the market. PRICE Quantity SUPPLIED $30 8 $25 7 $20 6 $15 4 $10 2 $5

Supply Curve A graph showing the various quantities supplied at each and every price that might occur in the market.

Supply Curve in Action PRICE Quantity SUPPLIED $30 8 $25 7 $20 6 $15 4 $10 2 $5

Graphing Supply Price of Pizza Quantity Supplied $5 20 $10 50 $15 80