Posts Tagged ‘Supply Curve’

Discussion Questions

Monday, August 9th, 2010
  1. Many schools employ student labor for various purposes, such as partime help in the athletic department. Try to draw the supply curve and the demand curve for student labor in your school, so as to estimate the equilibrium wage rate for student help. (Hints: For the supply curve, survey your friends to try to determine how many hours per week they would be willing to work at various wage rates. For the demand side, determine or estimate the school budget for student help so as to calculate how many hours of student help could be bought at various wage rates. The equilibrium price will be a wage rate, while the equilibrium quantity will be the total number of hours of work purchased by the school.)

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Chapter Summary

Thursday, August 5th, 2010
  1. In competitive industries, the nature of supply is such that increases in the price of a product will cause increases in the quantity supplied.
  2. Increases in supply will shift the supply curve to the right, while decreases in supply will shift the curve to the left.
  3. If the quantity supplied does not increase significantly in response to a price increase, supply is “inelastic,” while supply is “elastic” if price increases cause large increases in the quantity supplied.
  4. In competitive markets, supply and demand interact freely to determine the equilibrium price and quantity, which will change as supply and/or demand change.

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More New Terms

Sunday, August 1st, 2010

Supply Schedule – a table depicting the relationship between the price of a product and the quantity supplied (offered for sale).

Supply Curve - a graphical representation of a supply schedule.

Elastic Supply – a situation in which sellers are responsive to price changes; that is, the quantity supplied increases readily when the price rises.

Inelastic Supply – a situation in which quantity supplied does not increase readily when the price rises.

Equilibrium Price – a price determined in the marketplace by the interaction of supply and demand.

Equilibrium Quantity – the quantity sold (bought) at the equilibrium price.

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The Nature of Supply

Wednesday, July 21st, 2010

For this price will be bid up toward the equilibrium level of $6. Only at a price of $6 per kilogram are the actions of both buyers and sellers in harmony, so that there is neither a surplus nor a shortage. As a result, the price will stabilize at the equilibrium level of $6 per kilogram.

The interaction of supply and demand can also be shown on a graph, as in Figure 7-13. On the graph, the equilibrium price of $6 is determined by the intersection of the supply curve and the demand curve at the equilibrium point (E). Similarly, the intersection of the curves determines the quantity that will be bought (and sold), or the “equilibrium quantity” of 50,000 kilograms.

In summary, the way in which supply and demand interact to determine the price of a product or service can be represented on a schedule such as Figure 7-12, or on a graph such as Figure 7-13. Both the schedule and the graph depict the behavior of buyers (demand) and sellers (supply) in the market for a particular good or service, and the equilibrium price and quantity that will emerge in that market.

Figure 7-13 is a very static representation of a market, showing the demand for and supply of steak at a particular time (March 1982). In reality, however, markets are not static as Figure 7—13 seems to suggest, but are dynamic, with constant changes in supply and demand occurring, causing continual changes in equilibrium prices and quantities. In effect, then, Figure 7—13 is a snapshot of a dynamic, changing situation at a particular point in time. In the next chapter, we will consider how markets change and adjust in response to changes in both supply and demand.

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