251Ch3lecture4RecoveredNotes

251Ch3lecture4RecoveredNotes - quantity supplied ↑ P →...

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8/28/2011 1 1 Chapter 3: Demand and Supply Lecture 4: Supply defined Ch3: Demand and Supply 2 Supply Supply = Maximum quantity a seller is willing and able to sell at various prices Law of Supply: Positive relationship between price and
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Unformatted text preview: quantity supplied ( ↑ P → ↑ Q s ) Ch3: Demand and Supply 3 Supply Schedule P ($) Q s (boxes per month) 2 3 2 4 4 5 6 6 8 Supply Graph Supply Graph P Q S 2 Supply Equation Q s = 2 P – 4...
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