S&D: Supply Shifts Price

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Presentation transcript:

S&D: Supply Shifts Price What is the EQ 1 price? Is demand increasing or decreasing? What is the EQ 2 price? Read the information on Market Forces Lead to Equilibrium Price and Quantity on p. 165. Refer to Figure 6.1 on p.165.

Remember: Determinants of Supply Change in price of resources Change in price of another good that could be made w/same resources Change in technology Growth in producer’s expectations Change in # of competitors

Supply Shifts for Pizza EQ price? Price for pepperoni increases, what will happen to the supply of pizzas? New EQ price?

How supply shifts affect PRICE If increase in S = Price will fall If decrease in S = Price will rise

If new ovens allow me to cook pizza faster, what will happen to the supply of pizza? What will happen to the price of pizza?

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