Download - Supply 2
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SUPPLY(Part 2)
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CHAT REVIEW
You will be presented with 4 questions.
Turn to your “table buddy” and chat about the answers to these questions for 1-2 minutes each.
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ONE.Why do you think
producers are willing to supply more goods at high prices than at low prices?
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TWO. If a region experiences flooding,
what industries might be affected? What happens to
the amount of goods supplied by those
industries?
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THREE.
When the price of “inputs” to production rise, producers supply fewer goods overall. Why do you think this true?
All the supplies & resources needed to
produce a finished good, including the equipment
and labor.
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FOUR.Name as many inputs in
the production of this shoe as you can:
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RECALL: SHIFTS IN SUPPLYONLY changes in price result in movement along the supply curve. Changes in other
factors can actually SHIFT the supply curve.
• Change in natural conditions !
• Change in technology !
• Change government policies !
• Price of a key input to production changes
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PRACTICE QUESTION #1:Terry’s T-Shirt CO. decides to lower the price of T-Shirts by 1$. Which
graph below represents this situation?
S1
S2 P1P2
A. B.
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PRACTICE QUESTION #2:
The price of fertilizer becomes more expensive. How does this
affect the supply curve for apples?P
(of a
pple
s)
QS (of apples)
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PRACTICE QUESTION #3:
The government increases taxes on paper, an input in the production of books. How does
this affect the supply curve for books?
P (o
f boo
ks)
QS (of books)
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PRACTICE QUESTION #4:The invention of the
cotton gin means that cotton pickers no longer have to
clean cotton by hand. How does this affect the supply curve for
cotton products?
P (o
f cot
ton
prod
ucts
)
QS (of cotton products)
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CURRENT EVENTS: HOMEPLUS LEAVING KOREA?Read the following article, and draw a supply graph
that represents the situation. !
See if you can identify which factor is causing the shift.
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CURRENT EVENTS: HOMEPLUS SCANDAL
Read the following article, and draw a demand graph that represents the situation.
!See if you can identify which factor is causing the shift.
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POLL RESULTS:
• Not reading carefully: 7• Supply: 2• Shift vs. movement: 1• Normal/inferior goods: 1
Question: what are you struggling with the most in the supply & demand unit?
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READING CAREFULLY &
REMEMBERING WHAT CAUSES MOVEMENT
AND SHIFTS
How to successfully answer supply and demand problems:
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TASK #1: Complete the “reading carefully” worksheet & discuss
TASK #2: Complete the “resource sheet” worksheet to help you prepare for
a quiz next tuesday/wednesday.
How to successfully answer supply and demand problems: