Activity 2: Determinants of Supply Visible groups F3 Give one (1) example for each of the non-price determinants of supply. Explain what kind of shift will that particular determinant will cause to the supply curve. Example: 1. COST OF FACTORS OF PRODUCTION When labor costs increased, the total cost of production also increased which caused the supply to be decreased. This has resulted to a LEFTWARD shift in the supply curve.

Activity 2: Determinants of Supply Visible groups F3 Give one (1) example for each of the non-price determinants of supply. Explain what kind of shift will that particular determinant will cause to the supply curve. Example: 1. COST OF FACTORS OF PRODUCTION When labor costs increased, the total cost of production also increased which caused the supply to be decreased. This has resulted to a LEFTWARD shift in the supply curve.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter5: Elasticity

Section: Chapter Questions

Problem 39P: When someones kidneys fail, the person needs to have medical treatment with a dialysis machine...

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