TAILIEUCHUNG - Microeconomics for MBAs 6

Microeconomics for MBAs 6. The Economic Way of Thinking for Managers. Microeconomics for MBAs develops the economic way of thinking through problems that MBA students will find relevant to their career goals. Maths is kept simple and the theory is illustrated with real-life scenarios | Chapter 2 Competitive Product Markets 10 Change in the profitability of producing other goods Change in the scarcity and prices of various productive resources Many other factors such as weather can also affect production costs. A change in any of these determinants of supply can either increase or decrease supply. An increase in supply is an increase in the quantity producers are willing and able to offer at each and every price. It is represented graphically by a rightward or outward shift in the supply curve. A decrease in supply is a decrease in the quantity producers are willing and able to offer at each and every price. It is represented graphically by a leftward or inward shift in the supply curve. TABLE Market Supply of Tomatoes Price-Quantity Combinations Price per Bushel Number of Bushels A 0 0 B 1 10 C 2 20 D 3 30 E 4 40 F 5 50 G 6 60 H 7 70 I 8 80 J 9 90 K 10 100 L 11 110 FIGURE Supply of Tomatoes Supply the assumed relationship between price and quantity produced can be represented by a curve that slopes up toward the right. Here as the price rises from zero to 11 the number of bushels of tomatoes offered for sale during the course of a week rises from zero to 110 000. Chapter 2 Competitive Product Markets 11 In Figure an increase in supply is represented by the shift from S1to S2. Producers are willing to produce a larger quantity at each price -- Q3 instead of Q2 at price P2 for example. They will also accept a lower price for each quantity -- P1 instead of P2 for quantity Q2. Conversely the decrease in supply represented by the shift from S1 to S3 means that producers will offer less at each price -- Q1 instead of Q2 at price P2. They must also have a higher price for each quantity -- P3 instead of P2 for quantity Q2. A few examples will illustrate the impact of changes in the determinants of supply. If firms learn how to produce more goods with the same or fewer resources the cost of producing any given quantity will fall. Because of .

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