Supply
- Created by: phoebe.molloy
- Created on: 08-06-15 15:37
View mindmap
- 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
- Untitled
- Market supply curve: several individual firms in the same market
- Untitled
- Untitled
- Right shift: greater amount being supplied at the same price
- Left shift: decrease in supply as prices rise
- Untitled
Comments
No comments have yet been made