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. . Supply is the quantity of a good that firms are willing to produce at various prices over a particular period of time. Law of Supply. all other factors being equal, as the price of a good or service increases, the quantity of goods or services offered by suppliers increases and vice . 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. . In constructing a . supply. . curve. , it is assumed that . price. is the most significant influence on the . quantity. . supplied. of any product.. But other . factors. (“other things equal”) can and do affect . 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. . Quantity supplied is the amount of the good that suppliers are willing to supply at each price. Market Supply: . is the sum of all producers quantities supplied at each price. Supply can be shown using a supply schedule or supply curve. 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) . In constructing a . supply. . curve. , it is assumed that . price. is the most significant influence on the . quantity. . supplied. of any product.. But other . factors. (“other things equal”) can and do affect . Supply. . Students . will define and/or identify the following: . Supply . Law . of . Supply. Supply & Market Supply. Supply Curve. Elastic & Inelastic Supply. Or how Apple sold . over 13 million iPhone 6s and 6s Plus smartphones over the launch . Executive MBA 512. Session #4 October 13, 2017. Brian Greber. 1. Forester turned economist turned business person. 20 years teaching, research, policy experience at universities (VT, OSU, BSU, CTU). Economics graduate work focused on technological change and market modeling. 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?. Behind the Supply Curve. Profit . Profit = Total Revenue – Total Cost. Primary goal of a firm is to maximize profit. Can be done in two ways. Increase revenue. Reduce costs. What types of costs exist?. Just like the consumer, whose goal is to get the best possible satisfaction given consumer’s budget, we will map out what that “best possible” is for the producer. Recall the . law of diminishing marginal return to an input.