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Ch. 5.1 fill in Notes: What is Supply?
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I. Supply is based on….. Supply is defined as…. A. Supply Schedule = B. Supply Curve = C. Change in Quantity Supplied = D. Change in Supply = 1. Reasons why supply increases : a. Cost of input = cheaper to make b. c. d. e. f. g.
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II. Elasticity of Supply > sellers quantity
response to a price change A. 2 Step Formula Step 1: New Q – Orig Q New P – Orig P Orig Q Orig. P Step 2: 1. Elastic Supply if Q > P (suppliers are very responsive to price changes) 2. Inelastic Supply if Q < P (suppliers are not very responsive to price 3. Unit Elastic if Q = P (suppliers are evenly responsive to price changes)
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B. Example…. Copy graph and do
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