Supply & Demand #9 Supply.

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Presentation transcript:

Supply & Demand #9 Supply

Review! List an inferior good. 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?

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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

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