PPT-Behind the Supply Curve: Inputs and Costs

Chapter 11 THIRD EDITION ECONOMICS and MICROECONOMICS Paul Krugman Robin Wells The importance of the firms production function the relationship between quantity of inputs and quantity of output. Ayesha Ali. www.lancaster.ac.uk/postgrad/alia10/econ102.html. a.ali11@lancaster.ac.uk. o. ffice hours: 8:00AM – 8:50AM . tuesdays. LUMS C85. Today’s Outline. Week 20 worksheet – IS-LM Model:. Please make sure you review all of problems on your own and ask if you have any questions. . Ayesha Ali. www.lancaster.ac.uk/postgrad/alia10/econ102.html. a.ali11@lancaster.ac.uk. o. ffice hours: 8:00AM – 8:50AM . tuesdays. LUMS C85. Today’s Outline. Week 20 worksheet – IS-LM Model:. Please make sure you review all of problems on your own and ask if you have any questions. . This curve demonstrates the tradeoff of production possibilities between two products. . Y Axis. X Axis. Production Possibilities Curve. Each point on the curve represents what is possible in the production of the two products. Notice that the curve is inverse: adding to one side means less of the other . Shane Murphy. www.lancaster.ac.uk/postgrad/murphys4/econ15. s.murphy5@lancaster.ac.uk. Today’s Outline. Week 20 worksheet – IS-LM Model:. Please make sure you review all of problems on your own and ask if you have any questions. . I recommend that you view it as one page by clicking on the open book icon at the bottom of the page.. 3b - Supply. Must Know / Outcomes:. define supply (note: it has a DIFFERENT DEFINITION in economics) . 1. 4 Demand, Supply, and Equilibrium. 4.1 Markets. 4.2 How Do Buyers Behave?. 4.3 How Do Sellers Behave?. 4.4 Supply and Demand in Equilibrium. 4.5 What Would Happen if the Government Tried to Dictate the Price of Gasoline. 1. Scarcity. 2. Scarcity. Resources are scarce. You can’t always get what you want so everyone must make choices.. Choices can be dependent on money but also time.. Why do individuals have to make choices? . Jing Li. 1. Big Picture 1: . Price of Bitcoin (Check Trade Volume by Yourself). Big Picture 2: . Google Trend (Revealed Preference). 3. Big Picture 3: . Is It Legal? . Eco201: Demand and Supply. An Easy Problem. price. Demand. Desire to want something and the ability to pay for it. Law of Demand. When the price of goods goes down, then demand goes up and if the price goes up, then demand goes down. Graphing Demand. Click here. to enter….. What is supply?. What is a supply curve shift?. Why are people so demanding?. What could cause a demand curve shift?. To learn about the. topics, click on the . word bubble... Reasons for Changes in Demand. Assume that Demand Curve B represents the baseline (original) annual consumption of U.S.-made cars.. For each of the following scenarios, decide: . Will this event cause a shift in the demand curve?.  . Want more tools and templates? . Visit . https://upboard.io/. . Change Curve Model. Want more tools and templates? . Visit . https://upboard.io/. . Change Curve Model. Time. Morale. Denial. Anger. What is the equation of the blue curve?. Lost in translation?. The blue curve on the right is a translation. of the red curve. What is the equation of. the blue curve?. Notes and Solution. The blue curve is a translation of the red. Factors Affecting Supply . Production alternatives play a big role with suppliers; affecting their product choices. Production alternatives point to other products that a supplier can produce instead. Alternatives are usually more profitable, hence their heavy influence on suppliers' decisions. If a big apple farmer can increase their profit by selling oranges instead, the market supply of apples will drop when the farmer shifts over to oranges..