Law of Supply How Much Do We Make?. Quantity Supplied S.

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Presentation transcript:

Law of Supply How Much Do We Make?

Quantity Supplied S

S2

Quantity Supplied S3

If the price of an input INCREASES, Supply of that good will DECREASE (shift to the left) If the price of an input DECREASES, Supply of that good will INCREASE (shift to the right) If the price of Labor INCREASES, Supply of that good will DECREASE (shift to the left) If the price of Labor DECREASES, Supply of that good will INCREASE (shift to the right)

If the price of a good is expected to INCREASE, the Supply of that good in the short term will DECREASE (shift to the left) If the price of a good is expected to DECREASE, the Supply of that good in the short term will INCREASE (shift to the right) If government regulation on a good INCREASES, the Supply of that good will DECREASE (shift to the left) If government regulation on a good DECREASES, the Supply of that good will INCREASE (shift to the right)

Changes in Supply: Substitutes in production: Complements in production: If the price of a good INCREASES, Supply of its substitute good will DECREASE (shift to the left) If the price of an good DECREASES, Supply of its substitute good will INCREASE (shift to the right) If the price of a good INCREASES, Supply of its complementary good will INCREASE (shift to the right) If the price of an good DECREASES, Supply of its complementary good will DECREASE (shift to the left)

As new technology is applied to production, Supply of that good will INCREASE (shift to the right) As the number of sellers INCREASES, Supply of that good will INCREASE (shift to the right) As the number of sellers DECREASES, Supply of that good will DECREASE (shift to the left)

Changes in Supply Supply Shock A sudden decrease in production as a result of conflict, a natural disaster or accident. Supply DECREASES

INCREASES Shifts right due to change in cost of inputs

INCREASES Shifts right due to change in technology

DECREASES Shifts left due to change in cost of inputs

INCREASES Shifts right due to change in number of suppliers (regulation)

DECREASES Shifts left due to change in number of suppliers

NO CHANGE Shifts along curve due to Law of Supply

DECREASES Shifts left due to change in cost of inputs