DO NOW If you owned a birthday cake company, what would be the minimum price that you’d be willing to sell your product if you chose to produce it? How.

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Presentation transcript:

DO NOW If you owned a birthday cake company, what would be the minimum price that you’d be willing to sell your product if you chose to produce it? How did you come up with that number?

Why and how do firms produce? How do we shift Supply

What is supply? Firm: a company or seller Supply Schedule: Numerical depiction of all quantities supplied at each price. Supply Curve: Graph of all Quantities Supplied at each Price.

*Price does not shift the curve! Sample Supply Curve *Price does not shift the curve!

Supply = Marginal Cost! Supply shows willingness to sell each unit = Marginal Cost! Upward sloping because of Law of Diminishing Marginal returns (discussed later in the semester) * S = MC

GETWIN: 6 things shift S Government influence - Business/product (Excise) Taxes, subsidies, quotas, restrictions Expectation of Future Price (opposite of D) Technology and productivity Weather (Note: may also shift D!) Input prices (metal for cars…) Number of Sellers

What does a shift look like?

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