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Economics (Monday March 20, 2017 (Law of supply (supply cure and supply…

- - - - opposite of the demand curve
      - Change in quantity supplied deals with a change in price
      - supply schedules focus on just two aspects: the price of the item and the number of the items supplied at each price
      - Individual Vs. Market - Market more useful and greater number
      - Market supply schedule is all irms selling a product in a market
      - amount a firm is willing to provide at a variety of prices
      - Rises from left to right
      - created from infromation on supply schedule
      - Positive relationship
        
        as price goes up more of the good is produced; as the price goes down the less of the good is produced
      - Shifts - Non-price factors
        
        Factors: Production cost, Government subsidies - payment to suppliers, Taxes, Gov't regulations, Expected price change, Increase in supplies
    - - as price goes up more of the good is produced; as the price goes down the less of the good is produced
    - - Producers will react to a change is price
      - The key factor is time
      - supply is said to be inelastic
  - - - as the price goes up the demand goes down; as the price goes down the demand goes up