Demand and Supply
"
· The change in the price of the good causes a "movement on the supply
function," not a change or "shift of the supply function."
Change in supply
There are many factors that influence the willingness of producers to supply a good.
technology
prices of inputs
returns in alternative choices
taxes, expectations, weather, number of sellers, . . .
Qs = fs (Pinputs, technology, . . .)
· Qs = fs ( Pinputs, technology, number of sellers, taxes, . . .)
· A change in the price [P] causes a "change in quantity supplied;"
· a change in any other variable causes a "change in supply"
Equilibrium
Webster's Encylopedic Unabridged Dictionary of the English Language defined
equilibrium as "a state of rest or balance due to the equal action of opposing forces,"
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