Graphing Supply
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Graphing Supply
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Graphing Supply. The Law of Supply. P QS P QS. Step #1. Draw an standard y-axis Label the y-axis “Price”. Price. Step #2. Draw an standard x-axis Label the x-axis “QS”. Price. QS. Step # 3. Draw a standard supply curve Label the curve “S1”. S1. - PowerPoint PPT Presentation
Transcript of Graphing Supply
Graphing Supply
The Law of Supply
P QS
P QS
Step #1• Draw an standard y-axis
• Label the y-axis “Price”
Price
Step #2• Draw an standard x-axis
• Label the x-axis “QS”
Price
QS
Step # 3• Draw a standard supply curve
• Label the curve “S1”
Price
QS
S1
Step #4• Read the problem
• What determinant of supply is dictating the shift in supply?
• Draw the shift in supply.
Step #5
Graphically depicting shifts in supply
An increase in supply
Price
QS
S1
S2
A decrease in supply
Price
QS
S1
S2
Step # 6
• Label the determinant