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LECTURE 3 - • Supply curves are normally upward sloping...

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General determinates of price elasticity 1. number and/or quality substitutes a good has 2. income elasticity % change in demand / %change in income 3. time – the longer the time the more elastic the demand curve will be SUPPLY supply is the relation between the price of a particular good and the amount sellers are willing to sell at a give price, during a particular time period other things equal.
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Unformatted text preview: • Supply curves are normally upward sloping • Some are flat • Shifting the supply down or to the right means the supply has increased • Moving along the curve is a change in quantity supplied SUPPLY SIFTERS • Inputs or factors => prices anything the company must spend money on • Technology • Current price •...
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