ECON2106_Jan24 - ECON 2106 Sandifer Supply Tues/Thurs...

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ECON 2106 – Sandifer Tues/Thurs – 8:00-9;15 Thursday, January 24, 2008 Supply Supply comes from the behavior of sellers The quantity supplied of any good is the amount that sellers are willing and able to sell Law of supply : claim that the quantity supplied of a good rises when the price of the good rises, other things equal The Supply Schedule A table that shows the relationship between the price of a good and the quantity supplied Ex: Starbucks’ supply of lattes Notice that Starbucks’ supply schedule obeys the law of Supply Market Supply vs. Individual Supply The quantity supplied in the market is the sum of the quantities supplied by all sellers at each price Suppose Starbucks and Jitters are the only two sellers in this market (Qs = quantity supplied) Supply Curve Shifters The supply curve shows how price affects quantity supplied, other things being equal These “other things” are non-price determinants of supply Changes in them shift the
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This note was uploaded on 04/15/2008 for the course ECON 2106 taught by Professor Trandel during the Spring '07 term at University of Georgia Athens.

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ECON2106_Jan24 - ECON 2106 Sandifer Supply Tues/Thurs...

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