1 / 4

Ch. 5.1 fill in Notes: What is Supply?

Ch. 5.1 fill in Notes: What is Supply?. I. Supply is based on….. Supply is defined as…. A. Supply Schedule = B. Supply Curve = C. Change in Quantity Supplied = D. Change in Supply = 1. Reasons why supply increases : a. Cost of input = cheaper to make

atalo
Download Presentation

Ch. 5.1 fill in Notes: What is Supply?

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Ch. 5.1 fill in Notes: What is Supply?

  2. I. Supply is based on….. Supply is defined as…. A. Supply Schedule = B. Supply Curve = C. Change in Quantity Supplied = D. Change in Supply = 1. Reasons why supply increases : a. Cost of input = cheaper to make b. c. d. e. f. g.

  3. II. Elasticity of Supply > sellers quantity response to a price change A. 2 Step Formula Step 1: New Q – Orig QNew P – Orig P Orig Q Orig. P Step 2: 1. Elastic Supply if Q > P (suppliers are very responsive to price changes) 2. Inelastic Supply if Q < P (suppliers are not very responsive to price changes) 3. Unit Elastic if Q = P (suppliers are evenly responsive to price changes)

  4. B. Example…. Copy graph and do

More Related