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# Economics 12 Final Project: Microeconomics

Due date: May 21
by

## Jacob Wharrie

on 21 May 2013

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#### Transcript of Economics 12 Final Project: Microeconomics

Economics 12 Final Project: Microeconomics By Jacob Wharrie (Blk 2) Increasing awareness of the economic and financial world and how it affects me as an individual.
Using this awareness to aid myself in financial, political and personal decisions after graduation.

In short, I want to prepare myself as a consumer and as a citizen. Ideas from opportunity cost to labour demand curves were discussed.
However there are two that I am fond of reiterating: #2: Elasticity of Demand About My Goals From watching the news about businesses and financial matters, and from witnessing the 2008 financial crisis transpire, I developed a yearning to understand these matters more.

So when we were made to write and share our economic goals at the start of the course, I had a clear idea on what I wish to gain from it. These included: Reflection on Inelastic Demand My Goals Microeconomic Concepts Sketches #1: Supply Supply is the quantities provided by a supplier at various prices within a period of time.
Any quantity sold at a specific price is called quantity supplied. The market supply, the overall supply in a market (not representing individual suppliers), can be presented in a supply schedule, a table containing various quantities supplied at specific prices. It can also be represented on a graph. A specific point on the curve represents a quantity supplied. The overall curve represents supply, which is directly related to the graph. This relationship can be explained using the Law of Supply: "The quantity supplied will increase if price increases, and fall if price falls under ceteris paribus (as long as other factors do not change)." Reason for the Direct Relationship:
Profit Maximization: As prices rise, producers are given the chance to cover production costs and gain more wealth by increasing quantities of supply available to sell under those prices. When supply moves "along the curve", the quantity supplied only changes. When the supply curve "shifts left or right", the entire curve moves.

Moving along the curve is simply due to price changes. A shift in the supply curve is caused by a number of reasons: Production costs: producers may need to cut output if costs are too much to cover (shift to left). If cost can be reduced, leftover money can be spent to increase output (shift to right).
Change in number of producers: if some sellers ceased to operate and the remaining ones did not increase output, supply will shift to the left. Increasing sellers in the market= right shift. Technology: generally technological advancement will either increase maximum output or reduce production costs. Either way both will shift the curve to the right.