1.3.3 - Supply

The concept of 'supply'.

Use a - concept of 'supply' to connect the rule to the data and decision in the question.

This matters because a - concept of 'supply' determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply a - concept of 'supply' to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: a - concept of 'supply' is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

The distinction between movements along a supply curve and shifts of a supply curve.

Use b - distinction between movements along a supply curve and shifts of a supply curve to connect the rule to the data and decision in the question.

This matters because b - distinction between movements along a supply curve and shifts of a supply curve determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply b - distinction between movements along a supply curve and shifts of a supply curve to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: b - distinction between movements along a supply curve and shifts of a supply curve is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

Factors that may cause a shift in the supply curve:; changes in the costs of production; the introduction of new technology; indirect taxes (specific and ad valorem); government subsidies; natural disasters.

Use c - factors that may cause a shift in the supply curve: • changes in the costs of to connect the rule to the data and decision in the question.

This matters because c - factors that may cause a shift in the supply curve: • changes in the costs of determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply c - factors that may cause a shift in the supply curve: • changes in the costs of to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: c - Factors that may cause a shift in the supply curve: • changes in the costs of is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

The concept of 'price elasticity of supply'. supply.

Use a - concept of 'price elasticity of supply'. supply to connect the rule to the data and decision in the question.

This matters because a - concept of 'price elasticity of supply'. supply determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply a - concept of 'price elasticity of supply'. supply to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: a - concept of 'price elasticity of supply'. supply is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

Calculation and interpretation of numerical values of price elasticity of supply:; perfectly elastic supply; elastic supply; unitary elastic supply; inelastic supply; perfectly inelastic supply.

Use b - calculation and interpretation of numerical values of price elasticity of supply: • to connect the rule to the data and decision in the question.

This matters because b - calculation and interpretation of numerical values of price elasticity of supply: • determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply b - calculation and interpretation of numerical values of price elasticity of supply: • to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: b - Calculation and interpretation of numerical values of price elasticity of supply: • is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

Factors that influence price elasticity of supply:; the time period; availability of stock/perishability; mobility of factors of production; legal constraints; capacity.

Use c - factors that influence price elasticity of supply: • the time period • availability of to connect the rule to the data and decision in the question.

This matters because c - factors that influence price elasticity of supply: • the time period • availability of determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply c - factors that influence price elasticity of supply: • the time period • availability of to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: c - Factors that influence price elasticity of supply: • the time period • availability of is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

The distinction between the short run and long run in economics and its significance for price elasticity of supply.

Use d - distinction between the short run and long run in economics and its significance for to connect the rule to the data and decision in the question.

This matters because d - distinction between the short run and long run in economics and its significance for determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply d - distinction between the short run and long run in economics and its significance for to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: d - distinction between the short run and long run in economics and its significance for is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.