Why does Supply slope upwards? (The law of increasing opportunity cost and supply)
Рет қаралды 29,085
8 жыл бұрынIn a previous lesson we introduced the law of supply and the determinants of supply, but we never clearly explained WHY there is a direct relationship between price and quantity supplied. In this lesson we will connect the law of supply to a law introduced in an earlier lesson on the PPC and the Law of Increasing Opportunity Costs (www.econclassroom.com/?p=4403).
The concept of increasing marginal costs of production will be explained and the link between firms' marginal costs and supply will be established in this lesson.
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@S24W2 3 жыл бұрын
Sorry may I ask, here it looks like the cost of producing a unit is the same as the cost of producing the previous one as the slope of the curve is approx =1. But I thought the cost of producing the next unit is greater,? Am I missing something? Thank you
@leibert6320 2 жыл бұрын
Yes the curve should've been curved I think.
@benjaminnichols4850 3 жыл бұрын
Tenth comment?
@wallyloveee 3 жыл бұрын
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@KavishSaini 3 жыл бұрын
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@sensitivemilk 3 жыл бұрын
sixth comment?
@marine2262 3 жыл бұрын
seventh comment?