Bell Work Objective: Bell Question:

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Presentation transcript:

Bell Work Objective: Bell Question: Explain the law of supply and create a supply schedule. Bell Question: What is supply?

Supply

Supply – The quantity of a product that would be produced and offered for sale.

Price Quantity supplied Supply Schedule – A chart showing the quantity produced at each possible price in the market. $1 2 $2 4 $3 6 $4 8

Law of Supply – As price increases, quantities supplied increases. More will be supplied at a higher price than at a lower price. . OR

Shifts in Supply S2 S1 $ S1 $ S2 Q Q Shift to the left indicates a decrease in supply Shift to the right indicates an increase in supply

Causes for a shift in supply Change in the cost of production - gas prices go up/down -price of materials or labor increases/decreases Change in the number of sellers or producers -Computers, VCR’s Expectations Foresee what will be popular This Fall – Twilight

Time - How quickly can you make more Elasticity of supply - How a producer reacts to a change in price Factor: Time - How quickly can you make more

Which is more Elastic??? Chickens T-Shirt Inelastic Elastic Takes longer to Produce more Can produce more quickly

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