Ch. 5.1 fill in Notes: What is Supply?

Slides:

Advertisements

Similar presentations

Chapter 5 Some Applications of Consumer Demand, and Welfare Analysis.

Advertisements

3 SUPPLY AND DEMAND II: MARKETS AND WELFARE. Copyright © 2004 South-Western 7 Consumers, Producers, and the Efficiency of Markets.

MR. REY BELEN PRICE ELASTICITY OF SUPPLY. Supply Price and Quantity Demanded are directly related to each other. An increase in price causes the quantity.

Law of Supply and Elasticity of Supply Supply: the amount of goods available.

Understanding Supply. Outcome: Describe the behavior of sellers in a competitive market.

CH. 7 Section 1 Supply. People produce g/s to gain benefits, whether it is money income or psychic income. People produce g/s to gain benefits, whether.

Lecture 4 Working with Supply and Demand: Elasticities.

SUPPLY Quantity supplied is the amount of a good that sellers are willing and able to sell. Law of Supply The law of supply states that, other things equal,

Chapter 5 Supply.

1 Essential Question: Explain why supply is considered to be “producer” controlled, describe the relationship between supply and price according to the.

Period 5 Daily Writing Prompt What is the income effect?

Law of Supply How Much Do We Make?. Quantity Supplied S.

FrontPage: Give an example of 1 thing that changes quantity supplied and one that changes supply. The Last Word: Ch 5 Review due Thursday; Quiz Thursday.

Warm up 3/18/13 p What are total cost? 2.What are variable cost? 3.What are operating cost?

Chapter 5: Supply Section 1. Slide 2 Copyright © Pearson Education, Inc.Chapter 5, Section 1 Objectives 1.Explain the law of supply. 2.Interpret a supply.

Supply Chapter 5. An Introduction to Supply  Supply – schedule of quantities that are offered for sale at each and every price  What suppliers will.

Supply (The Business Point of View) Another Key Economic Concept.

Supply Chapter 4 Price Effect Market Supply Price Elasticity Change in Supply.

Supply Notes: Ch 5, Section 1 Monday, 3/24 Supply is the amount of goods _______________ –Production & Number of Companies Quantity supplied describes.

1.Define supply & the Law of Supply. 2.Understand the difference between the supply schedule & supply curve. 3.Specify the reasons for a change in quantity.

Supply Ch. 5. Price As price increases… Supply Quantity supplied increases Price As price falls… Supply Quantity supplied falls The Law of Supply According.

SUPPLY CHAPTER 5. LAW OF SUPPLY SUPPLY: AMOUNT OF GOODS AVAILABLE SUPPLY: AMOUNT OF GOODS AVAILABLE PRICE INCREASES: SUPPLY INCREASES PRICE INCREASES:

UNIT II Markets and Prices. Law of Demand Consumers buy more of a good when its price decreases and less when its price increases.

Price Elasticity of Supply and Demand

Effect of a tax on price and quantity S + tax S O P1P1 Q1Q1 D P Q.

Supply.  Supply is based on decisions made by producers in various types of businesses.  Supply is the amount of a product that would be offered at.

Elasticity of Supply Unit 5.4. Elasticity and Supply Elasticity with supply works just like elasticity with demand. Suppliers look at the amount of change.

Chapter 5.1/5.3/5.4 Supply. Intro to Supply Supply – the amount of a product offered for sale at all possible prices Law of Supply – as P goes up, Qs.

This saying will be used for 4 different definitions. All you will have to do is fill in the blanks!! THE AMOUNT OF A GOOD OR SERVICE THAT ___1____ ARE.

Chapter 5, Section 1 What is Supply?. Amount of a product offered for sale at all possible prices in the market. Amount of a product offered for sale.

Ch. 5 Supply Supply- amount of a product that would be offered for sale at all possible prices in the market Law of Supply states that suppliers will normally.

SUPPLY and DEMAND EQUILIBRIUM. Demand Demand is the desire, ability, and willingness to buy a product.

Microeconomics: Supply and Demand

Chapter 5 - Supply Supply – the amount of a product that would be offered for sale at all possible prices in the market. Law of Supply – suppliers will.

Elasticity of Supply Responsiveness of producers to a change in the price of their goods or services Elasticity of supply is measured as the ratio of proportionate.

Chapter 5 - Supply (section 1) Understanding Supply

Chapter 5, Section 1 What is Supply?.

Increase in total revenue Decrease in total revenue

BUSINESS HIGH SCHOOL-ECONOMICS

Chapter 5.1/5.3/5.4 Supply.

ECONOMICS: September 24 Warm-up Explain the difference between elastic demand and inelastic demand. Learning Target: In order to understand the concept.

Determinants of Demand

Chapter 5: Supply Section 1: What is Supply?.

Price Effect Market Supply Price Elasticity Change in Supply

Understanding Supply.

Chapter 5 Section 1 Supply.

Supply Unit 2: Supply and Demand.

What is supply?.

Long-Run Outcomes in Perfect Competition

SUPPLY Quantity supplied is the amount of a good that sellers are willing and able to sell. Law of Supply The law of supply states that, other things equal,

Supply & Demand # 5 What is Supply?.

Review What is the law of Demand?

DEMAND & SUPPLY Ch. 4 & 5.1.

CH. 7 Section 1 Supply.

Agenda 1. Warm-Up 2. Discuss the Law of Supply and Supply Schedule/Curve 3. Application of Law of Supply (graphing)

Producers and Supply.

Supply Unit 2: Supply and Demand.

SUPPLY Chapter 5.

ECONOMICS: February 7 Warm-up Why is it important for businesses to be aware of the D elasticity for the product they are selling? Conclude Ch. 4, Lesson.

UNIT 2 IMPACT STATEMENT This saying will be used for 4 different definitions. All you will have to do is fill in the blanks!! THE AMOUNT OF A GOOD OR SERVICE.

Elasticity of Demand Part II

Chapter 5 Supply.

The Law of Supply SSEMI2a: Define the law of supply

Price Elasticity of Supply and Demand

Chapter 5 Supply.

Presentation transcript:

Ch. 5.1 fill in Notes: What is Supply?

I. Supply is based on….. Supply is defined as…. A. Supply Schedule = B. Supply Curve = C. Change in Quantity Supplied = D. Change in Supply = 1. Reasons why supply increases : a. Cost of input = cheaper to make b. c. d. e. f. g.

II. Elasticity of Supply > sellers quantity response to a price change A. 2 Step Formula Step 1: New Q – Orig Q New P – Orig P Orig Q Orig. P Step 2: 1. Elastic Supply if Q > P (suppliers are very responsive to price changes) 2. Inelastic Supply if Q < P (suppliers are not very responsive to price 3. Unit Elastic if Q = P (suppliers are evenly responsive to price changes)

B. Example…. Copy graph and do