# The One

Submitted By mhe315
Words 262
Pages 2
TITLE: LAW OF SUPPLY
Reported/Presented by: Melody R. Dela Pena
What Is Supply ? * The relationship between the quantities of a good or service consumers will offer for sale and the price charged for that good. * The total quantity of a good or service that is available for purchase at a given price. Quantity Supplied * The amount of a particular product that a firm would be willing and able to offer for sale at a particular price during a given time period. Supply Schedule * A table showing how much of a product firms will sell at different prices. PRICE (in kilos) | QUANTITY SUPPLIED (in kilos) | 10 | 33 | 12 | 41 | 14 | 51 | 16 | 63 | 18 | 78 | 20 | 90 |

Supply Curve * A graph illustrating how much of a product a firm will sell at different prices. Law of Supply * Positive or direct relationship between the quantity supplied and the price. * “ all else equal , as price rises, the quantity supplied rises, as price fall the quantity supplied falls”.
Determinants of Supply * Price of the good * Cost of production * Technology * Taxes * Number of sellers and suppliers * Weather

Change of Quantity Supplied * The movement from one point to another on the supply schedule and on the supply curve
Change in Supply * A shift in the supply curve from the original curve.

PRICE | ORIGINAL QS (in kilos) | NEW QS (in kilos) | 10 | 33 | 39 | 12 | 41 | 47 | 14 | 51 | 57 | 16 | 63 | 69 | 18 | 78 | 84 | 20 | 90 | 96 |
Market supply * The sum of all that is supplied each period by all producers of a single...

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