An Introduction to Supply
what is a supply schedule?
a table showing how much a producer will supply at all possible prices.
what is change in supply?
situation here different amounts are offered for sale at all possible prices in the market
what is supply elasticity?
a measure of how the quantity supplied responds to a change in price
what is production function?
a graph showing how a change in the amount of single variable input changes total output
What is fixed cost?
cost the same amount regardless of levels of production
what is a supply curve?
a graph that show the different amount of a product supplied over a range of possible prices
what does subsidy mean?
government payment to encourage or protect a certain economic activity
what does the elasticity of a producers supply curve depend on?
the nature of it production
what is a short run?
production period so short that only the variable inputs can be changed
what is the term overhead mean?
broad category of fixed costs that includes rent, taxes, and executive salaries
what is a a market supply curve?
a graph that shows the various amounts offered by all firms over a range of possible prices
what can cause a change in supply?
a change in the cost of procutive inputs such as land, labor, and captial
what is the supply curve most likely to be elastic for?
toys candy and other products
what is a a long run?
production period long enough to change the amounts of all inputs
what does variable costs mean?
production costs that change when production levels change
what is a quantity supplied?
amount offered for sale at a given price
what tends to shift the supply curve to the right?
new technology
what is supply?
amount of a product
what does total products mean?
total output or production by a firm
what does e commerce?
electronic business conducted over the internet
what is a change in quantity supplied?
change in amount offered for sale when the price changes
does productivity go up or down whenever more output is produced using the same amount of input
up
what is demand?
the price of products based on supply amount.
what is the marginal product?
extra output due to the addition of one more until of input
what does break even point mean?
production level where total cost equals total revenue