11434670
Description
Mind Map by Katerina Scott, updated more than 1 year ago
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Created by Katerina Scott
about 7 years ago
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Supply
- Marginal Revenue
- added revenue
per unit of
output
- added revenue
per unit of
output
- Marginal Product
- the change in total
output that results
from adding one
more worker
- Diminishing Returns
- when new workers cause
marginal product to grow
but at a decreasing rate
- when new workers cause
marginal product to grow
but at a decreasing rate
- Diminishing Returns
- the change in total
output that results
from adding one
more worker
- Supply Elasticity
- Elastic Supply
- a good's supply responds
quickly to change in price
- pizza
- pizza
- a good's supply responds
quickly to change in price
- Inelastic Supply
- a good's supply responds
slowly to change in price
- limited concert tickets
- limited concert tickets
- a good's supply responds
slowly to change in price
- The higher the elasticity of
supply, the faster the supply
will increase when demand
and price increase
- Elastic Supply
- Law Of Supply
- producers are willing to sell a
good/service at a higher price than
they are at a lower price
- If price of a product decreases, producers are
likely to increase production to bring marginal
costs in line with the lower price
- If Eastman is required by the EPA to place scrubbers on
smoke stacks in order to improve air quality, why might
there be a decrease in the supply of Eastman's products?
- The costs of the scrubbers will
cause an increase in price.
- The costs of the scrubbers will
cause an increase in price.
- producers are willing to sell a
good/service at a higher price than
they are at a lower price
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