Ch. 5 Supply

What is the longest running American sitcom?

What does this graph show?

How do you figure out how much a firm should produce?

What determinant? New machinery in the industry makes it more expensive to make your product.

Factors that affect the quantity of a product or service supplied. Causes a shift in S curve.

Who is the villain in Ironman 3?

What determinant? The cost of Red Dye #5 goes down in Gatorade.

When the price changes, there is little to no change in supply.

Workers get in each other's way and disrupt production, which decreases the marginal product.

%ΔQs / %ΔP  Answer is greater than 1.

What is this curve?

Which One Direction member left first?

Change in output from hiring one more worker.

Fixed costs + Variable Costs = 

Chiffon, marble, and bundt are all types of what?

Costs that vary.  Ex:  utilities, labor

A level of production when marginal product of labor increases as the # of workers increases.

Shift in the S curve? New machinery in the industry makes it tougher to make your product.

What is my middle name?

Shift in S curve?  China starts producing the same product as you.

%ΔQs / %ΔP

When the price changes, there is a large change in supply.

%ΔQs / %ΔP  Answer is less than 1.

What is Donald Duck's middle name?

Cost of producing one additional unit.

What determinant?  China starts producing the same product as you.

Shift in the S curve? The cost of Red Dye #5 goes down in Gatorade.

Which Disney princess has a horse named Angus?

Costs that do not change.  Ex:  Rent, capital, machinery

What does this graph show?

When the price goes up, quantity supplied goes up.

An additional worker adds to total output, but at a diminishing rate.