3/11 - Supply. AIM : How does the law of supply work? Opener : Poll your classmates on the following question. Then present the responses on a graph.
Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.
(Remember, this is ceteris paribus – the assumption that everything stays constant except for the price.)
Consider this apple orchard
Why do marginal returns initially increase, but then start to decrease, and even become negative?
Marginal Product of Labor – Band 6
Is there enough information on this chart to determine how many beanbags to produce?
What additional info might you need?
Revenue = money the firm gets from selling its product.
Profit = Total revenues minus total costs