Demand and Supply (Supply)

• Supply Schedule - when the price increases, the quantity increases
• Supply Curve -

• Supply is quantities that producers or sellers are willing and able to produce or sell at various prices
• The Law of Supply - direct relationship between price and quantity supplied PQ
• ex: P↑ Q↑
• ex: P↓ Q↓
• What causes a "change in quantity supplied"?
• ∆ in price
• What causes a "change in supply"?
1. ∆ in technology
2. ∆ in taxes or subsidies
3. ∆ in the number of sellers
4. ∆ in the resource prices or cost of production
5. ∆ in weather
6. ∆ in expectations