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Summary Edexcel A-Level Economics, Theme 1: How Markets Work - Theory of Supply, Surplus, PES, Price Determination £5.49
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  2.  
  3. PEARSON (PEARSON)
  4.  
  5. Economics
  6.  
  7. Theme 1: How Markets Work

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Summary Edexcel A-Level Economics, Theme 1: How Markets Work - Theory of Supply, Surplus, PES, Price Determination
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A summary of: - How the supply curve is derived, moves and shifts. - Process of price determination - Producer and consumer surplus - Price Elasticity of Supply All with diagrams

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  • June 25, 2022
  • 9
  • 2021/2022
  • Summary

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THE THEORY OF
SUPPLY
MICROECONOMICS

, DEFINITIONS + ASSUMPTIONS
Supply = the amount that firms are willing and able to produce and sell at every given price level in a give
time period.

Market supply = total supply brought to the market by producers at each price. To calculate, sum the
individual supply schedule.

Law of Diminishing Marginal Returns = in the SR, adding an additional unit of a variable factor of productio
to a fixed factor of production results in additional output first increasing and then falling.

Marginal cost = the cost of producing an additional unit of output.

Joint supply = a increase/decrease in the supply of one good leads to an increase/decrease in the supply of
by-product.
◦ Occurs when a production process yields two or more outputs e.g. lamb and wool; beef and beef hides.



It is assumed that firms are: PROFIT MAXIMISERS.

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