Changes in Supply Bell Ringer: 1.What is the difference between supply and quantity supplied? 2. What does the law of Supply State? 3. What do supply schedules.

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Presentation transcript:

Changes in Supply Bell Ringer: 1.What is the difference between supply and quantity supplied? 2. What does the law of Supply State? 3. What do supply schedules and supply curves illustrate? 4. What is supply elasticity?

Determinants of Supply Prices of resources Government Tools Technology Competition Price of related goods Producer expectations All impact the supply curve, shifting it either left or right.

Shift in Supply… Increase

Shift in Supply… Decrease?

Cost of Production In pairs define the following: Put in your notes, I will check prior to dismissal. fixed costs depreciation overhead variable costs total costs Marginal cost and how to calculate.

In Pairs… Work together to define the determinants of supply, put them in your notes. Be ready for a quiz on information presented so far. Homework: Study, and Chapter 4, Section 2: Questions 1,2,3 Chapter 4, Section 3: Question:1 reviews

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