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Detailed IB ECONOMICS HL 2.3 SUPPLY notes
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Detailed IB ECONOMICS HL 2.3 SUPPLY notes
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wi%CfUPPI-YMY-ab.iesupply of an individual firm indicates the
various
quantities of goods 1 services a
firm is
to
produce supply to the market sale
&
for
[ caused by change PRICE)
along
movements curve in
t
Sg
quantity supplied )
-
→
n 5 • change in
e-
-7
•
4 •• J R does not show how
many
chocolate bars the firm will
I a¥y what
•f
supply to the market the
supply price
curve nor
,
-03
firm will only shows the firm would
f how bars
f relieve many
-
2
I
prepared
•
u be to
produce & sell at different prices -
to a •
8
°
°
100 200 300 400 500 600
quantity of chocolate bars ( per week)
HEIMAT.EE#si*kk*EEFhFBa.e .iq#%Ea.mg:f3E
ikebana
(a) supply of firm A (b) Supply of firm B Cc) Market supply
¥ PE P 's
sum If all the
sort 5- •
SA 5- •
SB 5- • Sm
Individual
et 4- • 4- supplies 4- •
tofromsherm
'
{ 1-
3- 3- =3
firms supplies
• • - •
of 2- • 2- the market 2- •
8 1- • I •
z .
• for a
good
±
260 £00 460 660
'
°
460 660 O O 2 4 6 8 70 72
quantity of chocolate quantity of chocolate quantity of chocolate bars
bars (
per week) bars (
per week) ( thousands per week)
Vertical supply curve Shifts of the Demand curve
P ↳ caused determinant
s
in
special circumstances
p
by change in price a non
-
tells us that even as of supply ( change in
supply )
p S1
÷..?mY
S3
the sa
price increases
,
decrease increase
quantity supplied cannot price
in
supply in
supply
.FM?feashahIae
cremains constant )
• increase p
.
( Q supplied is
independent of ) P : i
i i
I
i
I given price
2 reasons : : :
i i :
Sz
→
see, Q increases
i i i
→
fixed Q of good be no time to
produce more i i i
i : : from Q ,
→ Q
[ theatre
#
of it ;
not
possible to increase no . 0
Qs Qe Q2 Q
but price remains PI
of seats in a short time .
]
leftward shift : less
supplied at the
given price
→
fixed Q be possibility of s S3 ; Q decreases from Q → Qz but
producing
→
no ever , price remains
Pz
more
q the good ( antiques original painting ) ,
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