Supply Warm Ups Unit 2.

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Presentation transcript:

Supply Warm Ups Unit 2

2/27/13: You’re selling coffee. You think you can sell it for $.25 a cup. How much effort will you put into your business? What if you could sell it for $4.75 a cup? How much effort will you put into your business?

2/28/13: Graph: Change in Quantity Supplied or Change in Supply Jeans are selling for a higher price (jeans). Wheat farmers hear that corn is selling for a higher price (corn). Paper has become more expensive (books).

Supply of Jeans S Price B A Quantity Increase in Quantity Supplied (due to a price change)

Supply of Corn S1 S2 Price Quantity Increase in Supply ---Price of Related Goods Quantity

Supply of Books S2 S1 Price Quantity Decrease in Supply ---Cost of Inputs/Factors of Production Quantity

3/1/13: Toyota realizes it could sell its Hybrid cars for a higher price (Toyota Tundra, a gas-guzzling truck). The government has given subsidies to local wheat farmers (wheat).

Supply of Toyota Tundra S2 Price Decrease in Supply ---Price of Related Goods Quantity

Supply of Wheat S1 S2 Price Quantity Increase in Supply ---Government Subsidy Quantity

3/4/13: A cell phone company who was still making flip phones finds out smart phones sell for a higher price (flip phones). The price of cotton has increased (cotton T-Shirts).

Supply of Flip Phones S2 S1 Price Quantity Decrease in Supply ---Price of Related Goods Quantity

Supply of Cotton T-Shirts S2 Price Decrease in Supply ---Cost of Inputs/Factors of Production Quantity

3/4/13: Summer is approaching, so soon customers will be ready to buy swimsuits (swimsuits). Workers in a shoe factory are now working in better conditions, so they are happier and work harder (shoes).

Supply of Swimsuits S1 S2 Price Quantity Increase in Supply ---Producer Expectations Quantity

Supply of Shoes S1 S2 Price Quantity Increase in Supply ---Technology/Productivity Quantity

3/4/13: The price of televisions has increased (SUPPLY of televisions). The price of televisions has increased (DEMAND for televisions).

Supply of Televisions S Price B A Quantity Increase in Quantity Supplied (due to a price change)

Demand for Televisions Decrease in QUANTITY demanded due to price change B P2 Price P1 A D1 Q2 Q1 Quantity

3/4/13: The price of televisions will decrease in two months (demand for televisions). The unemployment rate has increased (demand for cars).

Demand for Televisions Decrease in demand *Expectations for future prices Price D2 Quantity

Demand for Cars Price D1 D2 Quantity Decrease in demand *Income – Normal Good Price D2 Quantity