Supply - distributors etc 2 Number of sellers a The number...

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

View Full Document Right Arrow Icon
Microeconomics Supply Supply is what a producer is willing, capable, and ready to sell to a consumer at any given price Quantity supplied: amount that sellers are willing and able to sell Important: Price will only affect the quantity supplied and not overall supply. Law of Supply o Price increases, quantity supplied increases, other things equal Shifters of the Supply Curve 1. Input price a. What it costs to produce a good, e.g. capital costs, cost of raw materials, cost of
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: distributors etc. 2. Number of sellers a. The number of sellers of a given product 3. Technology a. The efficiency of which a product can be made 4. Expectations a. Expectations of future market conditions, e.g. if a raw material is expected to become more expensive, suppliers will produce more of that product now On a Diagram o The Supply Curve slopes upwards from left to right....
View Full Document

This note was uploaded on 10/05/2011 for the course ECON 2023 taught by Professor Unknown during the Spring '05 term at Arkansas.

Ask a homework question - tutors are online