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

ECONOSUBLIME

25 Nov 202006:47

Summary

TLDRIn 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.

Outlines

00:00

🛒 Understanding Supply in Economics

This paragraph discusses the concept of supply in economics, emphasizing the intention to sell a good at a certain price. It clarifies that contrary to common belief, firms do not necessarily want to sell more of a product when it's cheaper; instead, they adjust their supply based on profitability. The example of a dairy farmer choosing between selling milk or cheese at different prices illustrates how supply is directly related to price. As prices increase, the incentive to produce and sell more increases, and vice versa. The paragraph also introduces the supply schedule and supply curve, which graphically represent the relationship between price and the quantity supplied, showing a positive correlation.

05:00

📈 The Law of Supply and Its Graphical Representation

The second paragraph delves into the Law of Supply, which states that there is a positive relationship between the price of a product and the quantity supplied. If the price of a product increases, ceteris paribus, the quantity supplied will also increase, and if the price decreases, the quantity supplied will decrease as well. The paragraph uses a graphical example to demonstrate this relationship, showing how an increase in price from 0.50 to 1.50 leads to an increase in the quantity supplied from 300 to 600. The supply curve is described as having a positive slope, indicating that as price rises, so does the quantity supplied. The paragraph concludes with a teaser for the next class, where additional factors influencing supply will be discussed.

Mindmap

Keywords

💡Supply

Supply refers to the total amount of a product or service that producers are willing to sell at various prices at a given time. In the video, supply is discussed in the context of how producers' intentions to sell change with the price of the product. For example, if the price of milk increases, producers are more inclined to supply more milk to the market.

💡Price

Price is the amount of money required to purchase a product or service. The video emphasizes the relationship between price and supply, stating that an increase in price typically leads to an increase in the quantity supplied, and vice versa. This is demonstrated through the example of a dairy farmer choosing to produce more milk when its price rises.

💡Quantity Supplied

Quantity Supplied is the amount of a product that producers are willing to offer for sale at a specific price. The video script uses the dairy industry as an example, explaining that if the price of milk increases, the quantity supplied by dairy farmers also increases, reflecting the positive relationship between price and supply.

💡Intention to Sell

Intention to Sell is the willingness of producers to offer goods for sale. The video clarifies that supply is not just about the amount of goods available but the producers' intention to sell them at a certain price. This is illustrated with the scenario of a dairy farmer choosing to sell milk over cheese when milk prices rise.

💡Product

A product is an item or commodity that is produced for sale. In the context of the video, the product in question is milk, and the discussion revolves around how changes in its price affect the supply decisions of producers.

💡Dairy Farmer

A dairy farmer is a producer who raises dairy animals, such as cows, for the production of milk and dairy products. The video uses the dairy farmer as a case study to explain how changes in market prices can influence the supply decisions of individual producers.

💡Milk

Milk is a liquid produced by mammals and used as a primary product in the dairy industry. In the video, milk serves as the example product to demonstrate the concept of supply and how its price affects the quantity supplied by producers.

💡Cheese

Cheese is a dairy product derived from milk and is used in the video as a comparative product to milk. The script discusses how a change in the price of milk relative to cheese can influence a dairy farmer's decision on what to produce and sell more of.

💡Offer Curve

The offer curve is a graphical representation that shows the relationship between the price of a product and the quantity supplied. The video describes how an increase in the price of milk leads to a higher quantity offered, which is depicted as an upward-sloping curve on the graph.

💡Law of Supply

The Law of Supply is an economic principle stating 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. The video concludes with this law, highlighting the direct relationship between price and supply.

Highlights

The class discusses the concept of supply of a good, emphasizing the intention to sell as a key component.

Supply is defined as the amount that businesses are willing to offer or sell at a certain price.

A common misconception is clarified: businesses tend to sell more of a product when its price is higher, not lower.

An example of a dairy farmer choosing between selling milk or cheese based on price illustrates the principle of supply.

The general rule is that higher prices lead to a greater quantity supplied, and vice versa.

The supply of milk in a country is used as an example to explain how the quantity supplied changes with price.

A hypothetical supply table for milk is introduced, showing the quantity supplied at various prices.

The supply table is a summary of the selling intentions of dairy farmers in the country.

As price increases, the quantity supplied also increases, indicating a positive relationship between price and supply.

The supply curve is introduced as a graphical representation of the different quantities supplied at each price.

The supply curve is drawn with price on the vertical axis and quantity supplied on the horizontal axis.

Each point on the supply curve represents a combination of price and quantity supplied.

The supply curve is shown to be upward-sloping, indicating a positive slope.

An increase in price leads to an increase in the quantity supplied, as demonstrated by moving along the supply curve.

The positive relationship between price and quantity supplied is known as the law of supply.

The law of supply states that if the price of a product increases, ceteris paribus, the quantity supplied will also increase.

The class will continue in the next session to explore other factors that can influence the quantity supplied.

Students will learn about movements along and shifts in the supply curve in future lessons.