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Graphing the Law of Supply: Step-by-Step Guide

Learn how to graph the Law of Supply with this detailed step-by-step guide. Follow the instructions to draw supply curves, depict shifts in supply, and label determinants. Perfect for understanding supply dynamics visually.

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Graphing the Law of Supply: Step-by-Step Guide

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  1. Graphing Supply

  2. The Law of Supply P QS P QS

  3. Step #1 • Draw an standard y-axis • Label the y-axis “Price” Price

  4. Step #2 • Draw an standard x-axis • Label the x-axis “QS” Price QS

  5. Step # 3 • Draw a standard supply curve • Label the curve “S1” S1 Price QS

  6. Step #4 • Read the problem • What determinant of supply is dictating the shift in supply? • Draw the shift in supply.

  7. Step #5 Graphically depicting shifts in supply

  8. An increase in supply S1 S2 Price QS

  9. A decrease in supply S2 S1 Price QS

  10. Step # 6 • Label the determinant

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