Supply & Demand Supply.

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Presentation transcript:

Supply & Demand Supply

Review! List an inferior good. List a product that is price elastic. Name 2 products that are complements. If you know a product is going on sale next week, how will demand shift this week? Review p.105 Give 1 reason demand might shift to the left?

Supply Producers want to maximize profit *Profit = Revenue (price of product x quantity sold) – Cost

What would you rather produce? You make lamps that sell for $150 and cost $100 to make. OR B. You make lamps that sell for $75 and cost $15 to make.

Supply What producers are willing & able to supply at a given price in a given time period

Your New Business For every empty soda can you recycle, you get 5 cents. How hard will you work to bring back the cans? What if you got 10 cents per can? What if you got 50 cents per can?

Law of Supply Quantity supplied is directly related to price Higher price – increase supply Lower price – decrease supply More willing to supply @ higher prices More able to supply if marginal cost of making more is low

Graphing Supply Price of Pizza Quantity Supplied $5 20 $10 50 $15 80