Supply. I-phones Working out your Supply You own a shop that is allowed to sell iphones. You are responsible for pricing the products Considering it.

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Presentation transcript:

Supply

I-phones

Working out your Supply You own a shop that is allowed to sell iphones. You are responsible for pricing the products Considering it cost $10 to make an iphone, how many would you be willing to sell to the world at $11?

Working out your Demand What about at the following price ranges? $20$100$150$300$600

Graphing the Results Now plot your results on a graph. How would you describe the relationship between your two components?

Market Supply So far we have established our own individual supply for iphones. Market supply is the supply for a good from everyone that is selling it. If we were to collect, and average out our results, we would create market supply.

Shifts in Demand What’s the difference between quantity demanded and demand? If price remained the same, but you wished to purchase more or less, this would be a change in your demand. $5 Qty Demanded2 Qty Demanded25

Determinants of Supply What would cause you to supply more or less even though price has not changed? I want more because…

Exercise Complete the handout entitled ‘Supply Exercises’

Key vocabulary Quantity supplied Supply Extension in Supply Contraction in Supply Law of Supply Determinants of Supply Individual vs Market Supply