SC is a relationship between the price in the market and the quantity supplied
Total revenue = (p)(q)
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
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