Supply Summary Microeconomics101 – Notion-Organized Study Notes
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Course
Microeconomics101
Institution
Université Hassan 2
Book
Microeconomics
These study notes on Supply in Microeconomics are meticulously organized using Notion, offering a clean, structured approach to understanding the topic. With detailed explanations of the law of supply, supply curve, determinants, and shifts, these notes make complex concepts easy to digest. Perfect...
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Supply:
supply equations
function equations variables used note
quantity,
to show the
price and
factors
Supply Q = constant + other factors
impacting
function p(−/)factor … (production
the supply of
costs, gov
a good
regulations)
used to the supply curve
supply
Q = constant + quantity and illustrate the function is the result
curve
p price supply curve of the supply
function
graphically function.
to show the
dQ/dP represents
rate by
the change in
which a
quantity supplied (
derivative of change on
dQ) divided by the
the quantity the price of a
quantity and change in price (dP
supplied dQ/dP good
price ) . It measures the
with respect impacts the
responsiveness of
to the price quantity
the quantity
supplied for
supplied to changes
that same
in price
good
slope =
rise/run =
slope of the
Δp/ΔQ = p2 − quantity and
supply
p1/Q2 − Q1 = price
curve
dp/dQ =
1/dQ/dp
partial ∂Q/∂(factor) quantiy and to explain The partial derivative
derivative of factor the rate by allows us to focus on
the quantity which a how one specific
supplied change in factor affects another
Supply: 1
, function equations variables used note
with respect other factors while keeping other
to a factor (other than factors fixed.
(such as the price of
production the good)
costs) can impact
the quantity
supplied
to know the
total of
summing
quantity
supply quantities
Q = Q1 + Q2 = supplied at a
functions (2 and supplies
S1(p) + S2(p) given price
or more of producers
of two or
producers)
more
producers
The total supply
curve is the
horizontal sum of the
domestic and foreign
supply curves.
total supply
Consequently, the
summing curve of two
total supply curve is
supply or more
flatter than each of
curves supply
the other two supply
curves
curves. It shows the
total quantity of a
product produced by
all suppliers at each
possible price.
To determine the market price and quantity sold of a product, knowing how
much
consumers want is not enough. We also need to know how much firms
want to supply
at any given price.
The quantity supplied is the amount of a good that firms want to sell during
a given period at a given price, holding constant other factors.
Supply: 2
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