Factors affect supply. Price ↑ Quant. Supply↑ Price ↓Quant. Supply↓ 1.Price of input/production - Inputs are raw materials, labor, utilities, liscencing.

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Presentation transcript:

Factors affect supply

Price ↑ Quant. Supply↑ Price ↓Quant. Supply↓ 1.Price of input/production - Inputs are raw materials, labor, utilities, liscencing fees, or even other goods. >> factors of production - Price of Input ↑>> ↑ Cost of production ↑>>price of product↑>>

2. The current state of production technology

3. Number of Suppliers -More Suppliers >> More Competitors >> Less Supply -Less Suppliers>> More Opportunities>> More Supply

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