1^st lesson free

Aiman

Rate $12
Response 1h

$12/h

1^st lesson free

Economics
Managerial Accounting

Graduates from Karakorum international university, teach economics .Your hard work will give you new opportunities in life. We can help

Economics
Managerial Accounting

Lesson location

- At Aiman's house: Danyor

About Aiman

Hello, I’m Aiman Kainat, and I’m from Pakistan. I have over five years of experience teaching economics at the college level, covering a range of courses from introductory to advanced levels. I hold a Diploma in Economics. Teaching is my passion, and I love helping students gain a deeper understanding of the world around them. Economics, in particular, is a subject that I am truly passionate about. I believe it provides an invaluable framework for understanding not only society but also our own behavior and decision-making processes. This is why I’m excited to share my love for economics with you! I’m looking forward to helping you master economics, whether you’re just starting out or diving into more complex topics. My approach focuses on making learning engaging, approachable, and enjoyable. I simplify complex concepts so they are easy to grasp, and I always encourage interaction and questions. I’ve taught a variety of courses, including: • Introduction to Economics • Principles of Microeconomics • Principles of Macroeconomics • Intermediate Microeconomics • Intermediate Macroeconomics • Mathematical Economics • Labor Economics • Industrial Organization • Principles of Management • Introduction to Business With my background and teaching experience, I’m confident that I can help you succeed in your studies. Whether you’re preparing for exams or just exploring economics for the first time, I’m here to guide you every step of the way.

About the lesson

Learn the definition of "supply" in economics. Know what supply is, the concepts of supply, factors affecting supply, and changes in supply with examples. Updated: 11/21/2023

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What Is Supply?
In economics, we have two forces: the producer, who makes things, and the consumer, who buys them. Supply is the producer's willingness and ability to supply a given good at various price points, holding all else constant. An increase in price will increase producers' revenues, so they'll be willing to supply more; a decrease in price will reduce revenues, and so producers will supply less.

Supply's counterpart is demand; it measures how many consumers will want to buy a product at various price points. The direct relationship between price and quantity supplied of a good is known as the Law of Supply and is typically represented by an upward sloping line known as the supply curve.

The Supply Curve
The supply curve shows the quantity supplied of a given product at varying price points, holding all else constant. Here's a graph of the supply curve:

Supply Curve
You'll notice that the x-axis is labeled 'Q', and the y-axis is labeled 'P.' Those stand for quantity and price. Just like we saw earlier, when the price of a good goes up, the supply does as well. Each producer has his or her own supply curve for a given product, which can vary from one producer to another. The exact curve depends on production costs and other variables.

Let's look at an example. Imagine two wineries in the Paso Robles region: Paso Winery and Robles Winery. Paso Winery may be willing to supply 20 bottles of their wine if the market price were $10 per bottle, but willing to supply 100 bottles if the price were $50 per bottle. Robles Winery may only be willing to supply 5 bottles if the price were $20 each and 50 bottles at a price of $50 each.

The summation of the two individual supply curves creates a market supply curve, with red wine ranging from $10 a bottle up to $50 a bottle. The two individual supply curves differ because the wineries are willing and able to supply red wine at different prices. This may be due to varying input costs. Those are the costs associated with producing the wine, such as the variety of grape being used, labor costs, or technique of fermenting the grapes.

Quantity Supplied
The quantity supplied is the amount of a good that would be supplied to the market at a given price. In other words, it's the quantity that appears when we check the supply curve at a specific price point. For Paso or Robles wineries, the quantity supplied at a given price is how much wine they'd be willing to make if they knew they could charge that price.

Chart of Red Wine Supply
supply of red wine
Here's a chart showing the supply of red wine in the Paso Robles area. For example, point A shows a market price for red wine at $30 a bottle. At this price, winemakers would supply 60 bottles of red wine. If the price were to drop to $10 per bottle, which is marked at point B, then only 20 bottles would be supplied. And at $70/bottle, marked by point C, 140 bottles of red wine would be supplied. The change in quantity supplied of red wine is a result of a change in market price. Moving from point A to B or C is a movement along the supply curve. Only the market price for red wine changed, not the actual supply curve.

Shifts in Supply
Whenever we discussed a change in quantity supplied above, it assumed we were holding all else constant. What happens if the other factors, such as grape availability, are not held constant? It could result in a shift in supply, where the availability of the wine at any price is changed.

Paso Robles Supply Curve
Paso Robles Supply Curve
Let's check out the Paso Robles supply curve again. Point A on the curve says that during a typical year, 80 bottles of wine would be supplied with a market price of $40/bottle. Of course, not all years are typical. Wine production depends heavily on climate for the supply of grapes, so changes in climate can affect the supply of wine.

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Graduates from Karakorum international university, teach economics .Your hard work will give you new opportunities in life. We can help

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Graduates from Karakorum international university, teach economics .Your hard work will give you new opportunities in life. We can help

Lesson location

About Aiman

About the lesson

Rates

Rate

Pack rates

free lessons

Other tutors in Economics

Syed

Josh

Issam

Ilona

Carles

Thomas

Kelvin

Scott

Arbaz

Diana A

Michael

Victor

Elena

Frank

Samuel

Kalydosos

Maria

Sunaina

Gregory Diehl

Zaymen

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