Supply.

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Presentation transcript:

Supply

Supply Schedule P Qs Oranges $4/lb. 1.2 million $3/lb. 1million $2/lb.

Law of Supply As P , QS (As P , QS ) There is a direct relationship between P and QS NOT As P , S NOT As QS , P NOT As S , D

Supply Curve P S $4 $3 $2 Qs .5m 1m 1.2m Oranges

Supply Curve P S P2 P1 Qs Q1 Q2 Oranges

Shape and Slope of a Supply Curve Positive (slopes upward from l-r) Why? Law of Supply (direct relationship between P and Q) Why true? Profit Motive TR – TC = Profit (Total Revenue – Total Cost)

Shape and Slope of a Supply Curve Curved (not a straight line) Why? Law of Increasing Marginal Cost (the flower pot effect)

Supply Curve P S Q capacity Oranges

A change in price can only cause: A change in quantity supplied, not a change in supply. A change in quantity supplied is shown as a movement along the supply curve. A change in supply refers to a movement of the entire curve.

Supply Curve *Suppliers are now willing and able to supply more at every price. P S S1 An increase in supply is a shift to the right. (Decrease is a shift to the left.) P1 Q Q1 Q2 Oranges

Determinants of Supply What causes a change in supply (a movement of the entire curve) Change in the number of suppliers Change in the cost of production