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Unformatted text preview: Lecture 6: Changes in supply 5 Complements in production Complements in production= Goods that must be produced together (by-products) Ex) beef and leather price of beef increases the supply of leather Ch3: Demand and Supply Lecture 6: Changes in supply 6 Expectations and # Suppliers 3. Expectations Price expect price to rise current supply expect price to fall current supply 4. Number of suppliers more sellers S fewer sellers S Ch3: Demand and Supply Lecture 6: Changes in supply 8/29/2011 2 7 Technology 5. Technology Changes in marginal cost of production costs supply Ch3: Demand and Supply Lecture 6: Changes in supply...
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- Spring '08