ECN211 L5 Supply_BB

ECN211 L5 Supply_BB - ECN 211 Macroeconomic Principles L5:...

Info iconThis preview shows pages 1–8. Sign up to view the full content.

View Full Document Right Arrow Icon
1 ECN 211 Macroeconomic Principles L5: Supply and Equilibrium
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
2 Supply Supply … the amount of a good or service that producers are willing to and able to offer for sale at _________ during a period of time, everything else held constant Quantity Supplied … the amount that sellers are willing to offer at a _____ price during a particular period of time, everything else being constant
Background image of page 2
3 Supply Schedule Price per DVD Quantity supplied per week $10 100 $8 80 $6 60 $4 40
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
4 Supply $ Q P 1 Q s
Background image of page 4
5 Individual Supply to Market Supply Price per  DVD Warehouse  QS Blockbuster  QS Dodgy  Joe’s QS Market  QS $10 50 100 5 $8 40 90 4 $6 30 80 3 $4 20 70 2
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
6 Determinants of Supply Things we hold constant when constructing a supply curve. 1. P 2. R 3. E 4. N 5. T
Background image of page 6
Prices If the price of corn ___________ in agricultural markets then wheat farmers will change to corn farming (more profitable). Therefore
Background image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 8
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 03/16/2009 for the course ECN 211 taught by Professor Kingston during the Spring '08 term at ASU.

Page1 / 20

ECN211 L5 Supply_BB - ECN 211 Macroeconomic Principles L5:...

This preview shows document pages 1 - 8. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online