Law of supply by

Image 1

jorgegomezgracia2 — 2024-04-04 03:14:43 UTC

This supply curve explains how the law of supply works, as the law of supply states the more of a good will be supplied the higher its price, and the less will be provided the lower its price.

Image 2

jorgegomezgracia2 — 2024-04-04 03:16:13 UTC

This is a supply schedule, it calculates the product's price and quantity supplied at each price over some time, supply schedules provide information about how producers respond to price changes and help analyze market dynamics and determine market equilibrium.

Website 1: what is Law of supply?

jorgegomezgracia2 — 2024-04-04 03:23:53 UTC

I chose this website because I heard that it is a very trusted source for economics, so this source explains what the law of supply is, how it works and points out the most important aspects of this topic, this website also explains the supply curve, provides examples of the law of supply, and lets us know the five different types of supply, such as market supply, short term supply, long term supply, joint supply, and composite supply.

Welcome!

jorgegomezgracia2 — 2024-04-07 06:59:05 UTC

Welcome to my wall, here you will learn what the law of supply is, how it works, and why it is important for businesses. You can learn all about it here through a series of videos, images, and links to websites that will teach you what you need to know or possibly more.

Video 3: Supply Schedule

jorgegomezgracia2 — 2024-04-07 07:12:32 UTC

In this video, the law of supply is explained using a supply schedule, which is explained in more detail in the video. This supply schedule uses grape farming scenarios to illustrate how an increase in price leads to an increase in supply, whereas a decrease in price leads to a decrease in supply. In essence, the supply table is a graph that calculates how much a producer is willing and able to produce over time, so it is of great importance to both economists and business owners.

Video 2: Factors of supply

jorgegomezgracia2 — 2024-04-07 07:14:31 UTC

This video is about studying the behavior of sellers and explaining the factors that affect supply which are also known as determinants, and explains their relationship with the law of supply, the factors are price, input prices, technology, and producer expectations. It also discusses the two changes in supply, and how the supply curve adjusts when factors change, the determinants of the supply curve are crucial for understanding how the sellers in the economy will respond to price and other factors, influencing the overall supply of goods.

Video 1: Law of supply

jorgegomezgracia2 — 2024-04-07 19:32:21 UTC

This video serves as a great introduction, it explains the law of supply and its relationship with price and quantity supplied, it also highlights the factors that affect suppliers' decisions, such as profitability and cost production. It explains that businesses raise the price to make more profit and produce more supply, but if the price drops, not much profit can be made and therefore, the production of supply is reduced.

Website 4: Supply curve

jorgegomezgracia2 — 2024-04-08 02:27:41 UTC

I chose this website to introduce the supply curve which has a similar purpose to a supply schedule, it illustrates the law of supply and calculates the availability of products and services. It typically slopes upward from left to right, indicating that producers are willing to supply more of a good or service as its price increases, and less of it as its price decreases. There are several factors that can affect the position and shape of the supply curve, including production costs, technology, input prices, government regulations, and expectations about future prices.

Video 4: Supply curve

jorgegomezgracia2 — 2024-04-08 02:29:54 UTC

This video talks about the supply curve, which could be considered another version of the supply schedule, both are pretty similar even conveying the same information and what it is used For, but they do illustrate supply differently, as the price of a commodity increases, the amount of supply will increase as the supply curve moves upward. As an example, the video uses oil and explains how it is cheaper to extract in some countries while it is more expensive in other countries due to the extraction process.

jorgegomezgracia2 — 2024-04-08 14:53:19 UTC

website 3: What affects Supply?

jorgegomezgracia2 — 2024-04-09 04:37:23 UTC

This website discusses the factors that affect supply in economics. It explains that supply is determined by factors such as price, improvements in technology, weather conditions, lower taxes, productivity of workers, etc. The article also explains the concept of movement along the supply curve and shifts in the supply curve. It further discusses factors that cause shifts in supply to go to the left or to the right, the article also talks about factors that affect the supply of labor and the impact of supply-side shocks on inflation.

Website 2: Examples of law of supply

jorgegomezgracia2 — 2024-04-09 05:20:59 UTC

I chose this website because it provides real-life examples of when the law of supply is applied, and even explains why the law of supply is important for businesses, as it helps them with things such as increasing their profit, predicting their revenue, and understanding their market conditions, and it even explains the law of supply formula and what factors affect it, this website will teach you a lot about the law of supply with just one read.