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Supply easily expanded or reduced when

a price goes up or down.

Examples:

housing, doctors, hospitals, oranges

Supply is hard to adjust to a change

in price

Examples:

antiques, rare collector's items

Welcome Everyone!

Raise your hand if you

have used PREZI before.

Your group will be creating a presentation with information about one of the many events that can shift the supply curve:

TASK:

1.You and a partner will create a prezi that will show one supply shifter.

Supply Shifters:

1. Changes in the cost of inputs

2. Change in the number of producers

3. Changes in conditions due to natural disasters or international events.

4. Changes in technology

5. Changes in producer expectations

6. Changes in government policy

REGULATIONS

SUBSIDIES

TAXES

SUPPLY SHIFTERS

Elasticity of Supply

a measure of the way quantity supplied reacts to a change in price

Things to Include in your Supply Shifter Assignment:

1. Everyone in your group!

2. A detailed description of your supply shifter

3. How does your shifter shift supply?

4. Give examples!!

5. BONUS: Add a current event example of your supply shifter

Elasticity of Supply

Short run

Long run

Inelastic

Elastic

Inelastic

Supply is hard to adjust to a change

in price

Examples:

housing, lumber, oranges

Supply is easily expanded or reduced

when a price goes up or down.

Examples:

haircuts, flags after 9/11,

newspapers and magazines

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