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Change in Quantity Supplied vs Change in Supply

Transcript: 1 In the supply curve, When price increases from $2 to $4, Quantity increases from 10 to 20 From $4 to $6? Quantity increases from 20 to 30. The dot just moves along this curve. In econspeak, this movement is called change in quantity supplied, When price changes, we say there’s a change in quantity supplied. JINGLE 2 Remember there are other factors affecting supply as well? (pause) 3 For instance, when price of eggs increases, Producing cakes gets more expensive. We’ll bake fewer cakes at every price. At $2, at $4, at $6. At every price. So the entire supply curve shifts to the left. In econspeak, we say this is a decrease in supply. 4 What if price of eggs decreases. The cost of baking cakes decreases, profits increase, So bake more cakes. Supply increases (pause) so the supply curve shifts right. 5 Let’s add the graphs into the summary. When price increases, (pause 2s) quantity supplied increases. (paus e 2s) It’s a movement up the supply curve. When price decreases, (pause 2s) quantity supplied decreases. (pause 2s) It’s a movement down the supply curve. When any of these non-price factors change in respective directions, supply increases. (pause 1s) So the supply curve shifts right. When these factors change the other way, supply decreases. (pause 1s) So the supply curve shifts left. 6 So far, we’ve been talking about individual supply. How do we derive the market supply? 7 In other words, how many cakes can the market supply? If you like this video, remember to like and subscribe. Next up: Market Supply. _____________________________________________________ What is the difference between change in quantity supplied (Qs) and change in supply(SS)? Why do we observe a point moving along the supply curve on some occasions but sometimes the entire supply curve shifts? What is the difference between competitive supply and joint supply? How does revenue and cost affect profit? How does profit affect producers' behavior? Why does the supply curve slope upwards? Watch this video to learn more about economics and microeconomics. Learn more about how the market works and how price helps us allocate resources to achieve allocative efficiency.