Supply Supply is relationship that shows the various quantities of a good that sellers are willing and able to sell at different prices.

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Presentation transcript:

Supply Supply is relationship that shows the various quantities of a good that sellers are willing and able to sell at different prices.

Supply of Good Z Price Quantity Supplied $1.00 5 2.00 10 3.00 15 4.00 20 5.00 25 6.00 30

Supply Curve for Good Z Price 6 S 5 4 3 2 1 10 20 30 Quantity Supplied

Price and quantity supplied are directly related. Law of Supply Price and quantity supplied are directly related.

Determinants of Supply Number of Sellers Prices of Resources Technology Prices of Other Goods Random Events Expectations Subsidies and Taxes

Change in Quantity Supplied Price 6 S 5 B 4 A 3 2 1 10 15 20 30 Quantity Supplied

Change in Supply Curve (Increase) Price 6 S1 S2 5 4 3 2 1 10 20 30 Quantity Supplied

Change in Supply Curve (Decrease) Price S2 6 S1 5 4 3 2 1 10 20 30 Quantity Supplied