{"id":155,"date":"2024-05-29T23:01:12","date_gmt":"2024-05-29T23:01:12","guid":{"rendered":"https:\/\/course.oeru.org\/miec101\/?page_id=155"},"modified":"2024-05-29T23:01:12","modified_gmt":"2024-05-29T23:01:12","slug":"supply","status":"publish","type":"page","link":"https:\/\/course.oeru.org\/miec101\/learning-pathways\/supply-demand-and-equilibrium\/supply\/","title":{"rendered":"Supply"},"content":{"rendered":"<div id=\"content\" class=\"mw-body container\" role=\"main\">\n<div class=\"row\">\n<div class=\"col-md-12\">\n<div class=\"panel\">\n<div class=\"panel-body\">\n<div id=\"bodyContent\">\n<div id=\"mw-content-text\" lang=\"en\" dir=\"ltr\" class=\"mw-content-ltr\">\n<p>\n<\/p>\n<div class=\"panel iDevice\">\n\t<div class=\"panel-heading idevice-heading\">\n\t\t<div>\n\t\t\t<img decoding=\"async\" class=\"pedagogicalicon\" alt=\"activity\" src=\"https:\/\/course.oeru.org\/miec101\/wp-content\/themes\/oeru_course\/idevices\/Icon_activity.png\">\n\t\t<\/div>\n\t\t<div>\n\t\t\t<h2>Activity<\/h2>\n\t\t<\/div>\n\t<\/div>\n\t<div class=\"panel-body\">\n\t\t<div class=\"col-md-12\">\n\t\t\t<\/p>\n<p><a rel=\"nofollow\" class=\"external text\" href=\"https:\/\/saylordotorg.github.io\/text_principles-of-microeconomics-v2.0\/s06-02-supply.html\">Principles of Microeconomics: &#8220;Chapter 3, Section 2: Supply&#8221;<\/a>\n<\/p>\n<ul>\n<li> Read this section to learn about the theory of supply. Attempt the &#8220;Try It&#8221; problem. Use the data from the text to practice drawing the supply curve on your own, either on paper or in Excel. Take a moment to read through the stated learning outcomes for this chapter of the text, which you can find at the beginning of each section. These outcomes should be your goals as you read through the chapter.\n<\/li>\n<\/ul>\n<p><a rel=\"nofollow\" class=\"external text\" href=\"https:\/\/www.khanacademy.org\/economics-finance-domain\/microeconomics\/supply-demand-equilibrium\/supply-curve-tutorial\/v\/law-of-supply\">Khan Academy: &#8220;Law of Supply&#8221;<\/a>\n<\/p>\n<ul>\n<li> Watch this video about the law of supply.\n<\/li>\n<\/ul>\n<p>\n<\/p>\n<p>\n\t\t<\/div>\n\t<\/div>\n<\/div>\n<p>\n<\/p>\n<h2><span class=\"mw-headline\" id=\"The_supply_curve\">The supply curve<\/span><\/h2>\n<p>The supply curve is a mirror reflection of the demand curve. You should recognize that the supply curve operates from the firm&#8217;s point of view, such that if a product is highly priced, the firm will want to supply more of it. As such, it is a positively sloped curve indicating the positive relationship between price of the good and quantity supplied.\n<\/p>\n<p>\n<\/p>\n<h2><span class=\"mw-headline\" id=\"Changes_in_supply\">Changes in supply<\/span><\/h2>\n<p>The demand curve is similar to the supply curve in that an increase in supply refers to a rightward shift of the curve and signifies that there will be a larger quantity of the good than before; a decrease in supply refers to a leftward shift of the curve and signifies that there will be a lesser quantity of the good than before. This section will present the three principal factors that shift the supply curve: changes in input prices, changes in technology, and changes in expectations.\n<\/p>\n<p>\n<\/p>\n<div class=\"panel iDevice\">\n\t<div class=\"panel-heading idevice-heading\">\n\t\t<div>\n\t\t\t<img decoding=\"async\" class=\"pedagogicalicon\" alt=\"activity\" src=\"https:\/\/course.oeru.org\/miec101\/wp-content\/themes\/oeru_course\/idevices\/Icon_activity.png\">\n\t\t<\/div>\n\t\t<div>\n\t\t\t<h2>Activity<\/h2>\n\t\t<\/div>\n\t<\/div>\n\t<div class=\"panel-body\">\n\t\t<div class=\"col-md-12\">\n\t\t\t<\/p>\n<p><a rel=\"nofollow\" class=\"external text\" href=\"https:\/\/www.khanacademy.org\/economics-finance-domain\/microeconomics\/supply-demand-equilibrium\/supply-curve-tutorial\/v\/factors-affecting-supply\">Khan Academy: &#8220;Factors Affecting Supply&#8221;<\/a>\n<\/p>\n<ul>\n<li> Watch this video about the factors affecting supply.\n<\/li>\n<\/ul>\n<p>\n<\/p>\n<p>\n\t\t<\/div>\n\t<\/div>\n<\/div>\n<p><!-- \nNewPP limit report\nCPU time usage: 0.025 seconds\nReal time usage: 0.028 seconds\nPreprocessor visited node count: 174\/1000000\nPreprocessor generated node count: 891\/1000000\nPost\u2010expand include size: 4736\/2097152 bytes\nTemplate argument size: 2116\/2097152 bytes\nHighest expansion depth: 7\/40\nExpensive parser function count: 0\/100\n--><\/p>\n<p><!-- Saved in parser cache with key we_en-mw_:pcache:idhash:176999-0!*!*!!*!2!* and timestamp 20240529230112 and revision id 1003530\n -->\n<\/div>\n<div class=\"visualClear\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"row\">\n<div class=\"col-md-12\">\n<ul class=\"pager\">\n<li class=\"previous\">\n            <a href=\"\/miec101\/learning-pathways\/supply-demand-and-equilibrium\/demand\">\u2190 Previous<\/a>\n          <\/li>\n<li class=\"next\">\n            <a href=\"\/miec101\/learning-pathways\/supply-demand-and-equilibrium\/market-equilibrium\">Next \u2192<\/a>\n          <\/li>\n<\/ul><\/div>\n<\/p><\/div>\n<div id=\"wenote-ids\"><script type='text\/javascript' id='wenotes-ids'>\n    var WEnotesSite = \"https:\/\/wikieducator.org\";\n    var WEnotesPath = \"\/Introduction_to_principles_of_microeconomics\/Supply\";\n    var WEnotesSiteID = \"0e3d258fbd36841f92259eefcd41d5e9\";\n    var WEnotesPathID = \"13396d81c829d0da04ed27841ed98eca\";\n    var WEnotesIDs = { site: \"https:\/\/wikieducator.org\", path: \"\/Introduction_to_principles_of_microeconomics\/Supply\", site_id: \"0e3d258fbd36841f92259eefcd41d5e9\", path_id: \"13396d81c829d0da04ed27841ed98eca\" };\n<\/script><\/div>\n<\/div>\n<footer><\/footer>\n","protected":false},"excerpt":{"rendered":"<p>The supply curve The supply curve is a mirror reflection of the demand curve. You should recognize that the supply curve operates from the firm&#8217;s point of view, such that if a product is highly priced, the firm will want to supply more of it. As such, it is a positively sloped curve indicating the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":145,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-155","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/course.oeru.org\/miec101\/wp-json\/wp\/v2\/pages\/155","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/course.oeru.org\/miec101\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/course.oeru.org\/miec101\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/course.oeru.org\/miec101\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/course.oeru.org\/miec101\/wp-json\/wp\/v2\/comments?post=155"}],"version-history":[{"count":1,"href":"https:\/\/course.oeru.org\/miec101\/wp-json\/wp\/v2\/pages\/155\/revisions"}],"predecessor-version":[{"id":156,"href":"https:\/\/course.oeru.org\/miec101\/wp-json\/wp\/v2\/pages\/155\/revisions\/156"}],"up":[{"embeddable":true,"href":"https:\/\/course.oeru.org\/miec101\/wp-json\/wp\/v2\/pages\/145"}],"wp:attachment":[{"href":"https:\/\/course.oeru.org\/miec101\/wp-json\/wp\/v2\/media?parent=155"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}