Ch+5.1

Ch 5.1 Notes and Questions 1-5 __The Law of Supply__ __The supply schedule__ __The supply graph__ __Supply and elasticity__ __Elasticity of supply and time__
 * supply is the amount of goods available
 * law of supply the higher price the larger quantity produced
 * quantity supplied to described how much of a good is offered for sale at a specific price
 * a supply schedule shows the relationship between price and quantity supplied for a specific good
 * variables are factors that can change
 * a supply curve is a very similar to a demand curve except that the horizontal axis now measures the quantity demanded
 * market supply curve shows the supply curve for anything in a city
 * elasticity of supply is a measure of the way suppliers respond to change in price
 * it is based on the change of price

Questions 1-5


 * 1) law of supply means when the price is higher more of the product is produced
 * 2) supply is to the good and quantity supplied is to do with that one product
 * 3) if a good has a elasticity of supply, it's quantity will go up as well as its price
 * 4) if oil prices go up oil over in in texas will up, really anywhere where oil is mined
 * 5) hotel room is inelastic because if you travel you have to stay somewhere, taxi rides are elastic because there are other ways of transportation, photographs are inelastic because so you can perserve memories