NOTE_Lecture_3_-_supply

NOTE_Lecture_3_-_supply - 10/1/2009 1 Supply Objectives...

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Unformatted text preview: 10/1/2009 1 Supply Objectives Definition of supply Supply schedule and graphing of supply curve Distinction between supply (S) and quantity supplied (Qs) Law of supply Determinants of supply Supply Reflects producers side of economic transactions in a market Definition: The quantities (amounts) of a good that producers are willing and able to produce/sell at various prices, ceteris paribus Note importance of willing and able Individual vs. market supply 10/1/2009 2 The supply schedule Definition: The quantities (amount) of a good that producers are willing and able to produce/sell at various prices, ceteris paribus Price Quantity supplied (Qs) $5 4 4 3 3 2 2 1 Distinction between S and Qs Qs refers to the quantity produced at a particular price; for ex., at $5, Qd = 4 Supply (S) refers to the entire table of the relationship between quantities produced at different prices Price Quantity supplied (Qs) $5 4 4 3 3 2 2 1 Distinction between S and Qs Change in supply (S): movement...
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This note was uploaded on 05/22/2011 for the course ECON 1B taught by Professor Jamie during the Spring '06 term at West Valley.

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NOTE_Lecture_3_-_supply - 10/1/2009 1 Supply Objectives...

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