the amount of goods/services that producers are willing and able to supply at a given price. supply:...

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Page 1: the amount of goods/services that producers are willing and able to supply at a given price. Supply: the amount of goods/services that producers are willing

Supply

Page 2: the amount of goods/services that producers are willing and able to supply at a given price. Supply: the amount of goods/services that producers are willing

Market Supply

Supply: the amount of goods/services that producers are willing and able to supply at a given price.

Market supply is combined result of the decisions of all individual suppliers.

Page 3: the amount of goods/services that producers are willing and able to supply at a given price. Supply: the amount of goods/services that producers are willing

What determines Supply of Tomatoes

The price of tomatoes• Higher the price = greater quantity.

The prices of alternative products• Production depends on prices of alternative

products (outputs). Which vegetables to grow?

• Eg. price of cauliflowers increases – more cauliflowers and fewer tomatoes.

Page 4: the amount of goods/services that producers are willing and able to supply at a given price. Supply: the amount of goods/services that producers are willing

Prices of factors of production and other inputs• Quantity supplied depends on costs of

production. • Eg. cost of labour, fertiliser, machinery

increases - smaller quantity of tomatoes will be supplied at each price than before.

Expected future prices• Farmers influenced by future expectations• Eg. higher expected future prices – increased

supply of tomatoes.

Page 5: the amount of goods/services that producers are willing and able to supply at a given price. Supply: the amount of goods/services that producers are willing

The state of technology• New technologies - lower costs - increase in

quantity supplied at each price.

Page 6: the amount of goods/services that producers are willing and able to supply at a given price. Supply: the amount of goods/services that producers are willing

Qs = f(Px, Pg, Pf, Pe, Ty, N, …)Qs = quantity of tomatoes suppliedPx = price of tomatoesPg = prices of alternative outputsPf = prices of factors of production and other inputsPe = expected future prices of tomatoesTy = technologyN = number of firms supplying the product

Page 7: the amount of goods/services that producers are willing and able to supply at a given price. Supply: the amount of goods/services that producers are willing

Supply Schedule

Page 8: the amount of goods/services that producers are willing and able to supply at a given price. Supply: the amount of goods/services that producers are willing

Supply Curve

Page 9: the amount of goods/services that producers are willing and able to supply at a given price. Supply: the amount of goods/services that producers are willing

Movements along the supply curve

Page 10: the amount of goods/services that producers are willing and able to supply at a given price. Supply: the amount of goods/services that producers are willing

Shifts of the supply curve

Page 11: the amount of goods/services that producers are willing and able to supply at a given price. Supply: the amount of goods/services that producers are willing

Page 12: the amount of goods/services that producers are willing and able to supply at a given price. Supply: the amount of goods/services that producers are willing

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