Principles of Economics- Mankiw (5th) 74

Principles of Economics- Mankiw (5th) 74 - S 3 Supply...

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78 PART TWO SUPPLY AND DEMAND I: HOW MARKETS WORK Ben’s Supply Price of Ice-Cream Cone Price of Ice-Cream Cone ± Jerry’s Supply 0 1 2 3 4 5 6 7 8 9 10 11 12 Quantity of Ice-Cream Cones $3.00 1.50 2.00 2.50 1.00 0.50 01234567891 01 11 2 Quantity of Ice-Cream Cones $3.00 1.50 2.00 2.50 1.00 0.50 Price of Ice-Cream Cone Quantity of Ice-Cream Cones 0 Increase in supply Decrease
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Unformatted text preview: S 3 Supply curve, 1 Supply curve, 2 Figure 4-7 S HIFTS IN THE S UPPLY C URVE . Any change that raises the quantity that sellers wish to produce at a given price shifts the supply curve to the right. Any change that lowers the quantity that sellers wish to produce at a given price shifts the supply curve to the left....
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