1BB3 Lecture 7 - the quantity supplied of a good rises as...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Shifts in demand are caused by a change in anything other than price If demand increases the curve shifts out - If demand decreases the curve shifts in - Movement along the demand curve is caused by a change in price __________________________________________________________ Supply -The amount of a good that sellers are willing and able to sell Quantity Supplied -Price -Input Prices -Technology -Expectations -Weather/Natural Disasters The variables that influence how much sellers want to sell are: Other things being equal,
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: the quantity supplied of a good rises as the price of the good rises-Law of Supply P Q .05 400 .1 500 .15 600 .2 700 .25 800 q p The sum of individual supply curves-Market Supply: Shifts in supply are caused by a change in anything other than price-If supply increases the curve shifts OUT to the right-If supply decreases the curve shifts in to the left Movement along the supply curve is caused by a change in price Decrease Increase Econ 1BB3 Lecture 7 January-20-11 2:35 PM 1BB3 Lecture 7 Page 1...
View Full Document

Ask a homework question - tutors are online