Supply.

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Presentation transcript:

Supply

What is supply? quantities (Q) of a good or service that a firm is willing and able to make available for sale at different prices (P)

What is a supply schedule? table listing the quantities supplied (QS) at various prices (P)

What is a supply curve? graph of the relationship b/t the price (P) of a good and the quantity supplied (QS) S = supply pos. slope P = prices Y-axis Q = quantities X-axis

What is the law of supply? the QS of a good will be greater at higher P than will the QS at lower P (ceteris paribus) positive relationship b/t P and Q

Markets & the law of supply market supply schedule/curve: P and QS for all suppliers of a good combined (the market) same principles apply to market as individuals

Change in quantity supplied vs. change in supply change in quantity supplied (ΔQS) due to changes in: price results in: movement along the supply curve change in supply due to changes in: nonprice determinants results in: supply curve shift

Change in supply INCREASE = shift to RIGHT DECREASE = shift to LEFT

determinants of supply Technology Input prices (labor, capital, land, raw materials) Expected future prices Size of the industry (number of producers) Prices of related outputs Taxes/subsidies

What does the price elasticity of supply measure? responsive of QS to price changes price elasticity of supply = %ΔQS / %ΔP %ΔQS = |Q2 – Q1| / Q1 %ΔP = |P2 – P1| / P1

> 1 price elastic < 1 price inelastic = 1 unitary elastic (responsive) < 1 price inelastic (not very responsive) = 1 unitary elastic

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