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Bell Ringer #3 – 10/12/10

Bell Ringer #3 – 10/12/10. Using 4 of the 6 “determinants of supply”, list 4 factors that would affect An electronics store’s supply of 20” flat screen TVs. Profit Motive. The desire to make money is known as profit motive . Producers seek max profit. Profit = Revenue – Costs

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Bell Ringer #3 – 10/12/10

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  1. Bell Ringer #3 – 10/12/10 Using 4 of the 6 “determinants of supply”, list 4 factors that would affect An electronics store’s supply of 20” flat screen TVs.

  2. Profit Motive • The desire to make money is known as profit motive. • Producers seek max profit. • Profit = Revenue – Costs • (P = R – C )

  3. Supply Curve A supply curve graphs quantities of a product (#s) that a producer is willing to supply at given prices. A supply schedule calculates the values for a supply curve.

  4. The point at $600 market price is Jonathan’s quantity supplied at that price (about 240 tons/year).

  5. Homework Supply Curve worksheet due tomorrow (may complete with a partner) Read Ch 4, Sec 2 Page 85 – 1,2,3 is due Friday the 15th.

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