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