We also learned about 6 factors that change supply curve.
- input cost = supplier’s costs increase
- labor productivity = increase productivity/decreased costs
- technology = better technology can improve technology
- government actions = can help or hinder production
- producer expectations = future prices affect production
- number of producers = more producers = more product
We also learned how to create production costs and revenue schedule.
It was a little bit hard for me to understand how to create the schedule. However, I think this is important to know how to create it and also how to see it because it helps us to know prices of products that producers want to put. It also helps us to know what price we should put when we sell something.
that's what I write it haha. I like this chapter ><
ReplyDeleteThank you for summing up the laws and factors again! It really helps! And i agree- learning the prices of products and the supply schedule aids us in creating a profitable price!
ReplyDeleteI agree it was very challenging to create the schedule! But you're right it is important to know and practice. We need to know what helps producers know what to price things as and know how to create a good price. I think this weeks lesson was very helpful and informative because learning about supply will help us later in life!
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