Class Notes (839,246)
Canada (511,223)
Economics (1,617)
ECON 1BB3 (535)
Lecture 4

Lecture 4.docx

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Graeme Ward

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ECONOMICS 1BB3: WHAT WWILL HAPPEN TO WALMART’S EVERYDAY LOW PRICES IF THEIR WORKERS UNIONIZE? Supply • Quantity Supplied (Qs): The amount of a good that sellers are willing and able to sell • The variables that influence how much sellers want to sell are: o Price o Input prices o Technology o Expectations • Law of Supply: other things equal (Ceteris paribus), the quantity supplied of a good rises as the price of the good rises P Q 0.5 400 .10 500 .15 600 .20
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