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Economics; Macroeconomics; AP®︎/College Macroeconomics; Microeconomics; AP®︎/College Microeconomics; See all Economics; Reading & language arts; ... Lesson summary: Supply and its determinants. Supply and the law of supply. Economics > Microeconomics > Supply, demand, and market equilibrium >
Both demand and supply curves show the relationship between price and the number of units demanded or supplied. Price elasticity is the ratio between the percentage change in the quantity demanded, Q d , or supplied, Q s , and the corresponding percent change in price.
Change in expected future prices and demand. Changes in income, population, or preferences. Normal and inferior goods. Change in demand versus change in quantity demanded. Lesson summary: Demand and the determinants of demand. Demand.
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Law of supply. Factors affecting supply. Change in supply versus change in quantity supplied. Lesson summary: Supply and its determinants.
We use a supply schedule to describe the quantities a seller is willing to sell at different prices, and then translate the supply schedule into a supply curve that illustrates the law of supply. Created by Sal Khan.
Law of supply. Factors affecting supply. Change in supply versus change in quantity supplied. Lesson summary: Supply and its determinants.
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In this video, we're going to dig a little bit deeper, and we're going to think about what factors might make a supply curve, or supply schedule, or portions of it, to be more elastic or inelastic. So we'll think about the determinants of the price elasticity of supply.