SUPPLY Chapter 5.

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Presentation transcript:

SUPPLY Chapter 5

Supply The willingness and ability of sellers to produce and offer to sell different quantities of a good at different prices during a specific time period

Law of Supply As the price of a good increases, the quantity supplied of the good increases, and as the price of a good decreases, the quantity supplied of the good decreases. Quantity supplied refers to the number of units of a good produced and offered for sale at a specific price. This is a Direct Relationship. The two factors move in the same direction

The Law of Supply in numbers and pictures

Vertical Supply Curves

Factors that cause a shift of the supply curve Resource Prices Technology Taxes Subsidies Quotas Number of Sellers Future Price Weather (in some cases)

Change in Supply vs. Change in Quantity Supplied Quantity supplied refers to the number of units of a good produced and offered at a specific price Supply is the willingness and ability of sellers to produce and offer to sell different quantities of a good at different prices during a specific time period

Elasticity of Supply Elasticity of supply equals the percentage change in quantity supplied, divided by the percentage change in price. Elastic supply exists when the percentage change in quantity supplied is greater than the percentage change in price Inelastic supply exists when the percentage change in quantity supplied is less than the percentage change in price. Unit-elastic exists when the percentage change in quantity supplied is equal tothe percentage change in price.