Supply & Demand

The cost of producing one more unit of a good is _____

What is the average revenue if you sold an item for $1, $2, and $3 ?

Is the prices for eggs increases, the demand for bacon will decrease

Peanut Butter and Jelly

Numbers: 3, 7, and 9. How do you find average revenue?

The various amounts of a product that someone is willing and able to buy over a range of prices

Total Costs =

When consumers like or dislike something, it impacts overall demand

Consumers buy ____ of a good when it’s price decreases

The law of supply states that as _____ goes up, producers will produce more

Pancakes and Syrup

Variable costs are costs that ____

Total Revenue - Total Costs

Total Revenue =

Quantity supplied goes _____ as prices rise

The amount of a product that would be offered for sale at all possible prices

A substitute good for Coke is

Government assistance to protect a product and/or service

After producing 4 more gadgets, costs rise from $25 to $65. What is your marginal cost?

One of your biggest competitors has gone out of business. What happens to your supply?

Price goes down, we feel richer, we buy more.

You sell 2 T-shirt’s for $25. You then sell 3 T-shirts for $35. What is the Marginal Revenue?

Which of the following is not a factor that changes supply?

If consumers expect that they’ll get a better deal in the future, what happens to demand now?

The principle that our additional satisfaction tends to go down as more units are consumed

Number of people in an area increases or decreases

The point at which supply and demand intersect

Supply information shown on a graph

Consumer Taste is when consumers expect there to be a better deal to come in the future

Type of goods that replace each other because of their similarity