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What is the minimum, per hour I would
have to pay you to work at Subway?
MANKIW
CHAPTER 4 ALL WEEK
Pretend there is no minimum wage and you could work for less than $7.50
Law of Supply
• As the price of a good increases, producers will
produce more (,or try to) quantity. As the price of the
good decreases, producers will produce less quantity.
P Q and P Q
The supply curve is always
upward sloping
$
Q
S
Push ups market:
A Supply Curve
Price of
pushups
Number of
pushup
Sellers
1 QE
2 QE
3 QE
4 QE
5 QE
Graph on board
Graph one:
A Supply Curve
Price of
Widgets
Number of
Widgets
Sellers
Want to
Sell
$1.00 10
$2.00 40
$3.00 70
$4.00 140
For example….
• Average prices of
• Therefore…..
For example….
law of supply
Producer Surplus
• Difference between cost and sale price
• IOW: profit
• Sale: $15
• Cost: $10
• PS = $5
If price changes Q*supply,
What changes supply?
4 Determinants of Supply
• Price of production + or -
• Taxes, regulation, raw
materials, labor
4 Determinants of Supply
• Expectations
• If future P$ might rise, hold inventory
• If future P$ might fall, increase supply
4 Determinants of Supply
• Sellers (increase or decrease)
4 Determinants of Supply
• Technology
4 Determinants of Supply
Mnemonic
• Price of Production
• Expectations
• Sellers (#)
• Technology
•PEST = supply determinants
•TRIBE = demand determinants
Diff between supply and Demand
Xbox games
• Supply or demand change?
• Determinant
Diff between supply and Demand
Wheat
• Supply or demand change?
• Determinant
locusts
Diff between supply and Demand
New cars
• Supply or demand change?
• Determinant
Diff between supply and Demand
Used clothing
• Supply or demand change?
• Determinant
Diff between supply and Demand
Dog food
• Supply or demand change?
• Determinant
Diff between supply and Demand
Dog food
• Supply or demand change?
• Determinant
Diff between supply and Demand
Salsa
• Supply or demand change?
• Determinant
Diff between supply and Demand
Salsa
• Supply or demand change?
• Determinant
CLOSED
Diff between supply and Demand
Salsa
• Supply or demand change?
• Determinant
Diff between supply and Demand
Insurance plans
• Supply or demand change?
• Determinant
TRIBE
Assignment due next Tuesday
For each part of the:
Formulate two scenarios and graph
For example:
Beef market
Consumers see news story about
mad cow disease

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law of supply

  • 1. What is the minimum, per hour I would have to pay you to work at Subway? MANKIW CHAPTER 4 ALL WEEK Pretend there is no minimum wage and you could work for less than $7.50
  • 2. Law of Supply • As the price of a good increases, producers will produce more (,or try to) quantity. As the price of the good decreases, producers will produce less quantity. P Q and P Q The supply curve is always upward sloping $ Q S
  • 3. Push ups market: A Supply Curve Price of pushups Number of pushup Sellers 1 QE 2 QE 3 QE 4 QE 5 QE Graph on board
  • 4. Graph one: A Supply Curve Price of Widgets Number of Widgets Sellers Want to Sell $1.00 10 $2.00 40 $3.00 70 $4.00 140
  • 5. For example…. • Average prices of • Therefore…..
  • 8. Producer Surplus • Difference between cost and sale price • IOW: profit • Sale: $15 • Cost: $10 • PS = $5
  • 9. If price changes Q*supply, What changes supply?
  • 10. 4 Determinants of Supply • Price of production + or - • Taxes, regulation, raw materials, labor
  • 11. 4 Determinants of Supply • Expectations • If future P$ might rise, hold inventory • If future P$ might fall, increase supply
  • 12. 4 Determinants of Supply • Sellers (increase or decrease)
  • 13. 4 Determinants of Supply • Technology
  • 14. 4 Determinants of Supply Mnemonic • Price of Production • Expectations • Sellers (#) • Technology •PEST = supply determinants •TRIBE = demand determinants
  • 15. Diff between supply and Demand Xbox games • Supply or demand change? • Determinant
  • 16. Diff between supply and Demand Wheat • Supply or demand change? • Determinant locusts
  • 17. Diff between supply and Demand New cars • Supply or demand change? • Determinant
  • 18. Diff between supply and Demand Used clothing • Supply or demand change? • Determinant
  • 19. Diff between supply and Demand Dog food • Supply or demand change? • Determinant
  • 20. Diff between supply and Demand Dog food • Supply or demand change? • Determinant
  • 21. Diff between supply and Demand Salsa • Supply or demand change? • Determinant
  • 22. Diff between supply and Demand Salsa • Supply or demand change? • Determinant CLOSED
  • 23. Diff between supply and Demand Salsa • Supply or demand change? • Determinant
  • 24. Diff between supply and Demand Insurance plans • Supply or demand change? • Determinant
  • 25. TRIBE Assignment due next Tuesday For each part of the: Formulate two scenarios and graph For example: Beef market Consumers see news story about mad cow disease