PPT-Supply What is Supply? Supply is related to the price of the products, given that there

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. © Peter . Berck . 2012. Lecture Outline. Goods. People Demand Goods; . Shift in demand. Firms . Supply Goods; . Keep Supply and Demand Separate. Demand and Supply intersect at the equilibrium price and . Market Supply. Supply: . the amount of goods/services that producers are . willing. . and . able. to supply . at a given price.. Market . supply . is . combined. . result of the decisions of all . A relationship between price and quantity demanded in a given time period, . ceteris paribus. .. Quantity demanded. . - . the quantity that a buyer is:. ready. willing. able to buy. .. Demand. Demand schedule. Profit opportunities producing other products. If producers expect to make more selling. something else the supply of what they . currently produce decreases. .. Tax. Excise tax – tax on the production or sale of a good. 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 . The analysis of the supply of produced goods has two parts:. An analysis of the supply of the factors of production to households and firms.. An analysis of why firms transform those factors of production into usable goods and services.. Mr. Barnett. University High School. AP Microeconomics . Rewind & Reverse. Very similar to demand & . quantity demanded. Supply. Supply concerns the behavior of . sellers. Quantity Supplied: . 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. University High School. AP Microeconomics . Rewind & Reverse. Very similar to demand & . quantity demanded. Supply. Supply concerns the behavior of . sellers. Quantity Supplied: . the amount that sellers are . 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) . . by Wiley Miller. . . MARKETS. Institution that brings together . buyers (DEMAND) . and sellers (SUPPLY) of resources, goods and services. DEMAND is. Amount of a good or service consumers are . Prof Pallabi. Mukherjee. PALLABI MUKHERJEE. PALLABI MUKHERJEE. Demand. A relation between the price of a good and the quantity that . consumers. are . willing . and . able. to buy during a given period, other things constant. 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?. Identify all vocabulary terms. Draw figure 13.1 on page 149 in your notes. Supply. Review Questions. What is the law of supply? . Price goes up, supply goes up. What is the law of demand? . Price goes up, demand goes down.