Logan Sedelmaier Scarse- something that is not readily available to everyone who wants to buy it. Scarse pay for not Scarse Dont pay for SAT tutoringSea Water Mp3 of chick GagaNuclear Waste What are the types of resources? -resource: anything used to make something else. undercoat intrinsic resources Labor- time of workers Capital- cash SUPPLY The Law of Supply Supply- the marrow of goods available Law of Supply- the higher(prenominal)(prenominal) the scathe, the larger the quantity bugger offd. measuring Supplied-term used to describe how oft of a good is offered for trade at a unique(predicate) toll. The law of supply develops from the choices of both actual and new producers of a good As determine of a good rises, existing firms lead produce to a greater extent in roll to put on overmuchness revenue If the price of a good falls, some firms impart produce less(prenominal), and others might drop out of the market These deuce movements combi ne to micturate the law of supply Higher take If a firm is already earning a profit by selling a good, then an affix in the price - all other things remaining relate - will ontogenesis the firms profits. The promise of higher revenues for each alternate encourages the firm to produce more usage: if the price of pizza pie rises, but the firms cost of do pizza stays the same, then it will earn more profit.
Example: if the price of pizza goes down, the pizzeria will earn less profit per slice or lose money The face for profit drives a suppliers decisions The Supply document connatural to a deman d agendum, a supply schedule shows the hum! an relationship between price and quantity supplied for a specific good. outlay of a slice| Slices supplied / day| $0.50| coulomb| $1.00| 150| $1.50| cc| $2.00| 250| $2.50| 300| $3.00| 350| Shows how the price of pizza, and only the price of pizza, affects the pizzerias takings All of the other factors that could change the restaurants output decisions, such as the cost of tomato sauce,...If you want to break a full essay, order it on our website: OrderCustomPaper.com
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