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EC 203 (9)
Lecture

Supply curve.pdf

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School
Emerson College
Department
Economics (EC)
Course
EC 203
Professor
nejemraheem
Semester
Spring

Description
SC is a relationship between the price in the market and the quantity supplied Total revenue = (p)(q) TR-TC=TT Graph increases because of increasing opportunity cost because you're giving up even more time Exog variables (supply curve moving)= tech,labor,input costs ($ of relevant resources,space for production),ingredients,training,fuel,number of producers, producer expectations,consumer trends,weather,tastes and preferences Change in supply = affected by exogenous variable vs change in quantity supplied = a different reading,a spot on the graph,move along the curve Curve is increasing because suppliers will want to supply more if they're making more money off of it. Positive relationship means the curve slopes upward. Increasing marginal cost,costs more for each additional unit,taxing on your resources,increasing opportunity costs.It becomes more costly to producer more of the item.Starts eating into other things that you could be doing with your time,like resource maintenance. In the bakery Use resources with lowest cost first -As the price goes up,more peopl
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