2. RESOURCES Change in cost of inputs
Change is costs of inputs – An increase in the cost of an inputs will cause profit to decrease so producers will supply less or shift left; a decrease in the cost of an inputs means the producer will get more profit, and they will then increase supply or shift the curve right. Example -
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3. OTHER GOODS Change in other goods’ prices
Change in prices of other goods- This is other goods that have the same productive process that a producer could produce. Example: If you are a farmer (producer) and you are producing wheat but you hear that the price of corn at market is going to be higher than wheat, you will stop producing wheat and start producing corn.
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4. TECHNOLOGY Change in technology
Change in technology – New technology allows a producer to lower the cost of production and will always shift the supply curve to the right with an increase.
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5. TAXES OF SUBSIDIES Change in taxes or subsidies
Change in taxes – This would be an excise tax on production. Taxes on producers raise the cost of production and cut into a producers profit, so a new tax will decrease supply. Change in subsidies – A subsidy is when the government pays the producer some money. This, in essence, lowers the cost of production and will cause an increase in supply.
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6. EXPECTATION Change in producer expectations
Change in producer expectations – This can be an expectation about price or some other factor that would influence the cost of production or the ability of the producer to produce the item. Example: If producers think the cost of one of their inputs may decrease in the future, they will wait to produce the item.
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7. NUMBER OF SELLERS Change in # of sellers
Change in # of sellers – If more sellers or producers enter the market, supply will increase and shift right; if sellers leave the market for some reason, supply will decrease and shift left. EXAMPLE -
©2012, TESCCC