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Ch5SGH.docx - Chapter 5 Study Guide Name:_ 5.1 Key Terms:...

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Chapter 5 Study GuideName:____________________________5.1Key Terms:Supply– how much of a good producers are willing and able to offer for sale per period at each price,other things constantlaw of supply– the quantity supplied is usually directly, or positively, related to its price, other thingsconstantsupply curve- shows the quantities of a particular good supplied at various prices during a given timeperiod, other things constantelasticity of supply– equals the percent change in quantity supplied divided by the percent change inpriceThink Critically:1.In what ways do the motives of a pizza restaurant owner differ from the motives of customerswho buy the restaurants’ pizza?
2.Why should the quantity of winter jackets supplied increase when there is an increase in theprice of the jackets?
Graphing Exercise:3. The owner of a shoe store reviewed her costs to determine how many pairs of running shoes shewould be willing to supply each month at different prices. The results of her research appear in thesupply schedule shown here. Use these data to draw her supply curve for running shoes. Explain howthe graph demonstrates the law of supply.
Chapter 5 Study GuideName:____________________________102030405060708090100110010203040506070807060504030Supply of Running ShoesQuantity SuppliedPricesThe graph demonstrates the law of supply because it shows how the lower the price is, the less productsyou will be supplied and the higher the price, the more products you will be supplied.6. The table below shows how much cheese three dairies in a small community supply each month atthe current price of $3.00 per pound. It also shows how much each one would supply if the price

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Term
Spring
Professor
N/A
Tags
Supply And Demand, Running Shoes

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