ECON 1001 Lecture Notes - Lecture 3: Resource Productivity

• School: UC
• Department: Economics
• Course: ECON 1001
• Professor: Zandvakili Soursche

Document Summary

Supply schedule definition: a tabular representation of the relationship between the price of a good, service, or resource and the quantities producers are willing and able to supply. Change in quantity supplied: when the price drops the quantity producers are willing and able to create will decrease. Change in supply: if a non-price variable changes. This is a move of the entire supply curve. Increase in supply: an increase in the quantity of a good, service, or resource supplied at every price. Graphically, an increase in supply is represented by a rightward shift of the supply curve. Decrease in supply: an decrease in the quantity of a good, service, or resource supplied at every price. Graphically, a decrease in supply is represented by a leftward shift of the supply curve. Increase in supply vs. increase in quantity supplied. Increases in supply come from non-price changes that increase the quantity supplied at every price.