Supply
Supply: The Quantities that producers/ sellers are willing
and able to produce/ sell at various prices.
The Law of Supply: There is a direct relationship between
price and th quantity demanded. As price increases, quantity increases. As
price decreases, quantity decreases.
·
∆ in price is caused by ∆ in quantity supplied
∆ in
supply is caused by:
1.
∆ in anything except price, such as
factor price
2.
∆ in resource
3.
∆ in technology or technique
4.
∆ in taxes or subsidies
5.
∆ in prices of other goods
6.
∆ in expectations
7.
∆ in the number of supplies
Total Revenue
Now that you learned supply and demand, here is a video of a creepy teacher reteaching it.
Creepy Teacher on Unit 1
Total Revenue
Total Revenue: Price X Quantity
Marginal Cost: The cost of producing one more unit of a
good.
Fixed Cost: The cost that does NOT change, no matter how
much is produced.
Variable Cost: A cost that fluctuates; does not depend on
how much is produced. (Ex: Electricity, gas, phones)
Now that you learned supply and demand, here is a video of a creepy teacher reteaching it.
Creepy Teacher on Unit 1
In class we've only been sketching graphs consisting of straight lines. Do you know if the curved lines matter? Is it still the same concept?
ReplyDeleteYour use of an outside source (the video) was a great addition! It gave me a quick and summarized description of the unit which was very helpful.
All of your things are so organized and easy to read! I am a very visual person and all the small additions to your posts (videos, comics,..) made everything easy to understand. Especially the equations! But your #7 in Determinants should be "suppliers" instead of "supplies" no?
ReplyDelete