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michelle ashmore

on 17 October 2018

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Transcript of SUPPLY

Supply - the amount of goods available
law of supply - as price increases, quantity supplied increases
Supply Schedule
this shows the relationship between the price of a good and the QUANTITY SUPPLIED
sometimes things other than the current price causes the amount of goods supplied to change...
change in price right now = change in QUANTITY supplied

something other than price =
SHIFT in overall supply
Determinants (factors) of Supply
the seller
price goes from $1 to $2 a cup... supply increases from 6 to 9 cups
why? Because sellers (like Starbucks) want to make as much $$ as they can! (more expensive = more money)
how much producers will supply at different prices
when we put this on a graph, we get the SUPPLY CURVE!
Now, you try.... plot the points on the graph!
what does the graph look like? why do you think this is??
Cost to Produce
How much does it cost to make the product?
the more it costs for the Factors of Production, the less that can be made....
cost to make supply
the number of firms making the product
if all of these places sell 20 pairs of blue jeans a week... what is the supply of blue jeans?
what if Wal-mart and Costco stopped selling jeans? what would the supply be?
# of firms selling product supply
when we have new/better technology we are able to be more productive and more efficient...
thus making more of a good
when computers break... we can't make as much.
when a company machines, supply
subsidies (help) or regulations (rules)
ex: govt gives assistance to wheat farmers so all people can have cereal
ex: taxes, laws about how an item should be made, quality of products sold
govt help supply

govt rules supply

Future Producer Expectations
remember you are the SELLER...
if you are putting pumpkins on sale next week, you want to sell more of them this week.
sale next week supply now

sale this week supply now
Elasticity of Supply
elasticity - how much a price change affects the amount supplied
elastic - a price change GREATLY affects the amount supplied
for example, when suppliers increase the price of pizza, then suppliers want to supply more!
inelastic - a price change does NOT affect the amount supplied
for example when suppliers increase the price of 20 year aged cheddar cheese, they can't increase the amount that they supply.
Remember IRDL
things have elastic supply when they are: cheap to make, take little time to make, and/or only take a few resources.
things have inelastic supply when they are: expensive to make, take a long time to make, and/or use a lot of resources
If the sale will be next week, you supply more now... you want to make a profit!
the more education you have, the more human capital, which increases productivity.
if you have a degree from UGA, you have exponentially more human capital than others, making you more productive.
more education supply

less education supply
Full transcript