Supply

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  • Supply
    • The quantity that a producer is willing and able to produce at a certain price and time
    • Price elasticity of supply (PES)
      • PES measures the responsivness of quantity supplied to a change in price
      • PES= percentage change in quantity supplied/percentage change in price
    • Supply curve
    • Market supply curve
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        • Market  supply curve: several individual firms in the same market
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    • Right shift: greater amount being supplied at the same price
      • Left shift: decrease in supply as prices rise
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