"Change in Quantity Supplied" means change in supply due to change in quantity price of the good. Show
Diagrammatically, it implies movement along the Supply Curve. When the producer moves from A to B, the rise in quantity of the good from OQ1 to OQ2 is on account of rise in price from OP1 to OP2. (Answer based on downward movement is also correct) "Change in Supply'' means change in supply due to change in any factor other than the own price of the good. Dagrimmatically, it means shift of supply curve when producer moves from A to B, the price remains unchanged at OP while the Supply Curve shift from S1 to S2. when the producer shift from S1 to S2 the supply fall OQ1 to OQ2. (Answer based on shift to the right ii also correct) Detailed Answer:
… a core concept in Economic Analysis Click for MRU video Concept descriptionIn his MRU lesson, Alex Tabarrok (reference below and video to right) underlines the crucial distinction between a change in supply (a shift in the supply curve caused by one of the supply curve shifters) and a change in the quantity supplied (a movement along the same supply curve caused by a change in the price due to a change in demand). This is illustrated in the figure. In the left graph the supply increases as a result of the shift in the supply curve. In the right graph the quantity supplied increases because increased demand (a shift of the black line to the right) has increased the equilibrium price for the same supply curve. MRU practice questionsSee http://www.mruniversity.com/node/179639, accessed 20 April 2016:
Source Alex Tabarrok, Supply and Demand Terminology, Marginal Revolution University, at http://www.mruniversity.com/courses/principles-economics-microeconomics/supply-demand-definition, accessed 20 April 2016. Atlas topic and subject Supply, Demand, and Equilibrium (core topic) in Economic Analysis. Page created by: Ian Clark, last modified on 20 April 2016. Image: Minute 3:09 of MRU Video, at http://www.mruniversity.com/courses/principles-economics-microeconomics/supply-demand-definition, accessed 20 April 2016. What is the difference between change in supply and change in quantity supplied?A change in quantity supplied is a movement along the supply curve in response to a change in price. A change in supply is a shift of the entire supply curve in response to something besides price.
What is the difference between supply the supply curve and quantity supplied?When economists refer to quantity supplied, they mean only a certain point on the supply curve, or one quantity on the supply schedule. In short, supply refers to the curve, and quantity supplied refers to a specific point on the curve.
What is change in supply diagram?Change in supply refers to a shift, either to the left or right, in the entire price-quantity relationship that defines a supply curve.
What is the difference between a change in supply and a change in quantity supplied quizlet?What is the difference between a change in supply and a change in quantity supplied? A change in supply refers to shift in the supply curve. A change in quantity supplied refers to a movement along the supply curve as a result of price change.
|