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

Law of Supply.notebook November 03, 2014 Warm Up: Today's Focus: Supply 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 2.00 1.00 D Q 4 6 Where do you see suppliers? 6 Oct 20­9:10 AM Oct 20­10:36 AM Focus: Supply Focus: Supply Supply: Amount of a good or service available on the market at an array of prices. Oct 20­10:37 AM Oct 22­2:20 PM Scenario: I need someone to babysit my Babysitting Labor Supply Curve two kids this Saturday. How many hours will you be willing to work if I pay you..... Price Quantity Law of Supply: $5 Ceteris paribus, As price increases, quantity $10 supplied increases. $20 As price decreases, quantity $50 supplied decreases. How would you describe the slope? Oct 20­10:39 AM Oct 20­10:43 AM

Law of Supply.notebook November 03, 2014 Key Points: Now it's your turn to practice! 1. State the Law of Supply. 2. Describe the shape of a supply curve. Oct 20­10:47 AM Oct 20­10:51 AM

Attachments supply for greebes.pdf