¿Qué es la OFERTA? (tabla, curva y ley de la oferta)

Summary

In today's class, the concept of supply in economics is discussed, focusing on the relationship between price and the quantity of goods producers are willing to sell. The script clarifies misconceptions about supply, using the example of a dairy farmer choosing between selling milk or cheese based on price changes. It illustrates how higher prices typically lead to increased supply, as producers aim to maximize profits. The lecture introduces the supply table and curve, showing the positive correlation between price and quantity supplied, and concludes with the law of supply, which states that all else being equal, an increase in price will lead to an increase in the quantity supplied.

Takeaways

• 📘 The lesson discusses the concept of supply in the context of goods and services, emphasizing the intention to sell as a key component of supply.
• 💡 The quantity supplied is primarily dependent on the price, with higher prices typically leading to a greater willingness to sell.
• 🔄 Contrary to a common misconception, firms may actually reduce the supply of a product when its price decreases, as illustrated by the example of a dairy farmer choosing between selling milk or cheese.
• 🐄 The example of a dairy farmer shows that the decision to supply more of a product is influenced by the price relative to production costs and potential profit.
• 📈 The supply curve graphically represents the relationship between price and the quantity supplied, typically showing an upward slope indicating a positive correlation.
• 📊 The supply schedule is a summary of sellers' intentions to sell at various prices, which can be visualized on the supply curve.
• 🌐 The overall supply of a country's milk, for instance, can be represented in a supply table that shows how much milk producers are willing to offer at each price point.
• 📈 As prices increase, the quantity supplied also increases, demonstrating the positive relationship between price and supply, known as the law of supply.
• 📉 Conversely, if the price of a product decreases, the quantity supplied is expected to decrease as well, according to the law of supply.
• 🔍 The lesson introduces the concept that other factors besides price can influence supply, hinting at future discussions on shifts in the supply curve.
• 🔑 The takeaway from the lesson is that understanding supply involves recognizing the impact of price on sellers' intentions to sell and the resulting quantity supplied.

Q & A

What is the primary factor that determines the quantity supplied of a good?

The primary factor that determines the quantity supplied of a good is the price of the good. As the price increases, suppliers are generally willing to supply more, and as the price decreases, they are willing to supply less.

What is the difference between wanting to sell a product and having an intention to sell a product?

Wanting to sell a product is a general desire to get rid of inventory, while having an intention to sell a product means having a specific plan or strategy to sell the product at a certain price.

Why might a dairy farmer prefer to sell milk instead of cheese if the price of milk increases?

A dairy farmer might prefer to sell milk instead of cheese if the price of milk increases because they can make more profit per unit sold, assuming the price of cheese remains the same.

How does the price change of a product affect the supplier's decision to produce more or less of it?

When the price of a product increases, suppliers are incentivized to produce more to take advantage of the higher profit margins. Conversely, if the price decreases, suppliers may reduce production to avoid losses.

What is the general rule regarding the relationship between the price of a good and the quantity supplied?

The general rule is that there is a positive relationship between the price of a good and the quantity supplied. As the price increases, the quantity supplied also increases, and vice versa.

What is the purpose of a supply schedule or table in economics?

A supply schedule or table summarizes the quantity that suppliers are willing to offer at each price level. It reflects the intentions of sellers to sell their goods at various prices.

How is the supply curve graphically represented, and what does its slope indicate?

The supply curve is graphically represented on a coordinate plane with the price of the good on the vertical axis and the quantity supplied on the horizontal axis. A positively sloped supply curve indicates that as the price increases, the quantity supplied also increases.

What is the Law of Supply, and how does it relate to the behavior of suppliers?

The Law of Supply states that, all else being equal, an increase in the price of a good will lead to an increase in the quantity supplied, and a decrease in price will lead to a decrease in the quantity supplied. It explains the behavior of suppliers in response to price changes.

What factors other than price can influence the quantity supplied, as hinted in the script?

While the script does not detail these factors, other factors that can influence the quantity supplied include production costs, technology, the number of suppliers, and government policies.

How can the supply curve shift, and what might cause such a shift?

The supply curve can shift either to the right (an increase in supply) or to the left (a decrease in supply). Shifts can be caused by changes in production costs, technological advancements, the number of suppliers, or other non-price factors.

What will be the focus of the next class according to the script?

The next class will focus on other factors that can influence the quantity supplied, beyond just the price of the good. It will explore what can cause movements or shifts in the supply curve.