Law of Supply.notebook November 03, 2014 Warm Up: Today's Focus: - - PDF document

Law of Supply.notebook November 03, 2014

Oct 20­9:10 AM

Warm Up:

• 1. State the Law of Demand.
• 2. Which of the following reflects the Law of Demand?
• a. Jenny saw that Coach purses became more

expensive, so she purchased more.

• b. Carrie purchased another pair of shoes during the

BOGO sale.

• c. Christy worked fewer hours when she got a raise.
• 3. What will happen to George's quantity of bananas demanded

if the price rises from $1.00 to $2.00 per pound?

P Q D 1.00 2.00 4 6 6

Oct 20­10:36 AM

Today's Focus: Supply Where do you see suppliers?

Oct 20­10:37 AM

Focus: Supply

Oct 22­2:20 PM

Supply: Amount of a good or service available on the market at an array of prices.

Focus: Supply

Oct 20­10:39 AM

Scenario: I need someone to babysit my two kids this Saturday. How many hours will you be willing to work if I pay you.....

Price Quantity $5 $10 $20 $50

Law of Supply: Ceteris paribus, As price increases, quantity supplied increases. As price decreases, quantity supplied decreases.

Oct 20­10:43 AM

Babysitting Labor Supply Curve How would you describe the slope?

Law of Supply.notebook November 03, 2014

Oct 20­10:47 AM

Now it's your turn to practice!

Oct 20­10:51 AM

Key Points:

• 1. State the Law of Supply.
• 2. Describe the shape of a

supply curve.

Attachments supply for greebes.pdf