Increase in Market Supply of Piercings
Supply changes with changes in technology, environment, prices of inputs, prices of related products or services produced, expected future prices, number of businesses. For example, supply increases with:
improvement in technology
Increase in Market Supply ...
marginal opportunity cost of additional piercings measured in fingernail sets
Written for
York University (Ebor
)
Economics
ECO1000 (ECON1000)
All documents for this subject (3)
Seller
Follow
fzfwenxueshaonian
Content preview
, COSTS ARE OPPORTUNITY COSTS
Businesses must pay
higher prices to obtain
more of an input
because opportunity
costs change with
circumstances.
The marginal costs of
additional inputs (like
labour) are ultimately
opportunity costs —
the best alternative
use of the input.
, • Marginal cost
additional opportunity cost of increasing
quantity supplied
• Marginal cost changes with circumstances
– Increases as you increase quantity supplied
• To buy inputs, a business must pay the price
matching
best opportunity cost of the input owner
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller fzfwenxueshaonian. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.99. You're not tied to anything after your purchase.