1 / 9

Bell Work

This article explains the law of supply and how to create a supply schedule. It covers the concept of supply, supply schedule, law of supply, and factors that cause shifts in supply. Examples and relevant keywords are provided.

mjulian
Download Presentation

Bell Work

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Bell Work • Objective: • Explain the law of supply and create a supply schedule. • Bell Question: • What is supply?

  2. Supply

  3. Supply – The quantity of a product that would be produced and offered for sale.

  4. Price Quantity supplied Supply Schedule – A chart showing the quantity produced at each possible price in the market. $1 2 $2 4 $3 6 $4 8

  5. Law of Supply – As price increases, quantities supplied increases. More will be supplied at a higher price than at a lower price. . OR

  6. Shifts in Supply S2 S1 $ S1 $ S2 Q Q Shift to the left indicates a decrease in supply Shift to the right indicates an increase in supply

  7. Causes for a shift in supply • Change in the cost of production - gas prices go up/down -price of materials or labor increases/decreases • Change in the number of sellers or producers -Computers, VCR’s • Expectations • Foresee what will be popular • This Fall – Twilight

  8. Elasticity of supply - How a producer reacts to a change in price Factor: Time - How quickly can you make more

  9. Which is more Elastic??? Chickens T-Shirt Inelastic Elastic Takes longer to Produce more Can produce more quickly

More Related