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10 Facts about Supply and Demand

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Fardeed AC

on 13 March 2015

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Transcript of 10 Facts about Supply and Demand

What causes the supply curve to shift?
If the price of a normal good increases , what will happen to its demand curve?
What is the demand curve?
What is demand
In economics, supply refers to the amount of a product that producers and firms are willing to sell at a given price when all other factors being held constant. Usually, supply is plotted as a supply curve showing the relationship of price to the amount of product businesses are willing to sell.*Google dictionary

It will not shift. A change in price is represented by a movement along the demand curve, not by a demand curve shift. The quantity demanded (not the demand itself) will decrease due to the price increase.
supply curve, in economics, graphic representation of the relationship between product price and quantity of product that a seller is willing and able to supply. Product price is measured on the vertical axis of the graph and quantity of product supplied on the horizontal axis. *britannica dictionary
the demand curve is the graph depicting the relationship between the price of a certain commodity and the amount of it that consumers are willing and able to purchase at that given price. It is a graphic representation of a demand schedule. The demand curve for all consumers together follows from the demand curve of every individual consumer: the individual demands at each price are added together.
Demand is a buyer's willingness and ability to pay a price for a specific quantity of a good or service. Demand refers to how much (quantity) of a product or service is desired by buyers at various prices. *google
By Fardeed Chowdhury
10 Facts about Supply and Demand
What is supply
What is the supply curve?

Change (increase or decrease) in cost of productions--inputs
Increase (or decrease in the number of producers.
Change (increase or decrease) in tax rates.
State of production technology
the supply curve
How does the Demand curve shift?
Circumstances which can cause the demand curve to shift include: decrease in price of a substitute. increase in price of a complement. decrease in consumer income if the good is a normal good.
In the graph,the supply goes down but the price stays the same
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