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Question 25 (4 Marks) The change in the price of a good causes a movement along the supply curve. For instance, as price increases from P to P1 the supply moves up the supply curve, which increases the quantity supplies from Q to Qi. Non-price determinants of supply Factors of production: changes in costs of factors of production, including land, labour, capital and entrepreneurship (human capital or intellectual capital). Subsidy: effectively reduces the firm's costs of production, so supply shifts outwards. A change in the non-price determinants shift the supply curve because the quantity supplied at the price has changed Indirect tax: effectively increases the firm's variable costs, so supply shifts inwards. Expectations: If demand for a product is likely to rise, for example due to a successful advertisement campaign or celebrity endorsements, supply increases. Price of relating product: if producer could produce another product with higher profitability, due to limited resources, the quantity supplied of the original product would decrease. Number of firms in the market: more firms producing shifts supply to the right as more is being supplied at each price Transportation and infrastructure: if these improve then supply shifts outwards because the firm's average costs are lowered. Question-25 Explain expansion and contraction of demand curve. State of technology: If technology improves then supply shifts to the left. As the firm can become more efficient with the same amount of costs so increase output. So just remember PERSISTT for this (production, expectations, related, size, infrastructure, subsidy, tax and technology) Linear supply functions, equations and graphs (HL) Supply function: Qs = c + DP When demand is weaker in a recession then supply contracts as producers cut back on output. Market efficiency Consumer surplus: the extra satisfaction a consumer gains from paying a price less than they were prepared to pay. Question 25 (4 Marks) The change in the price of a good causes a movement along the supply curve. For instance, as price increases from P to P1 the supply moves up the supply curve, which increases the quantity supplies from Q to Qi. Non-price determinants of supply Factors of production: changes in costs of factors of production, including land, labour, capital and entrepreneurship (human capital or intellectual capital). Subsidy: effectively reduces the firm's costs of production, so supply shifts outwards. A change in the non-price determinants shift the supply curve because the quantity supplied at the price has changed Indirect tax: effectively increases the firm's variable costs, so supply shifts inwards. Expectations: If demand for a product is likely to rise, for example due to a successful advertisement campaign or celebrity endorsements, supply increases. Price of relating product: if producer could produce another product with higher profitability, due to limited resources, the quantity supplied of the original product would decrease. Number of firms in the market: more firms producing shifts supply to the right as more is being supplied at each price Transportation and infrastructure: if these improve then supply shifts outwards because the firm's average costs are lowered. Question-25 Explain expansion and contraction of demand curve. State of technology: If technology improves then supply shifts to the left. As the firm can become more efficient with the same amount of costs so increase output. So just remember PERSISTT for this (production, expectations, related, size, infrastructure, subsidy, tax and technology) Linear supply functions, equations and graphs (HL) Supply function: Qs = c + DP When demand is weaker in a recession then supply contracts as producers cut back on output. Market efficiency Consumer surplus: the extra satisfaction a consumer gains from paying a price less than they were prepared to pay