ECON 221 1st Edition Lecture 4 Outline of Last Lecture I. Supply and Demanda. Markets and Competitionb. Demandc. Individual Demandd. Shifts in Demand CurveOutline of Current LectureI. Supply and Demand (cont.)a. The Market Supply Curveb. Supply Schedulec. Market Supply vs. Individual Supplyd. Shifts in Supply CurveCurrent LectureChapter 3: Supply and Demand (cont.)- Supplyo Supply Curve: A function that shows the quantity supplied at different priceso Quantity supplied: the amount of any good or service that sellers are willing and able to sell at a particular priceThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.o Law of Supply: Other things equal, when the price of a good rises, the quantity supplied of the good also rises, and when the price falls, the quantity supplied falls as well- Supply Scheduleo Supply schedule: a table that shows the relationship between the price of a good and quantity supplied, keeping everything else constant- Market Supply vs. Individual Supplyo Two sellers of coffeeo Real world: millions of buyers and sellers- Shifts in the Supply Curveo Supply curve shifts when something alters the quantity supplied at any given priceo Supply Shifters Technological Innovations and Changes in the Price of Inputs Taxes and Subsidies Expectations Entry or Exit of Producers Changes in Opportunity
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