1. Read about Supply Curves and the Law of Supply in Section 5.4 of the Chapter 5 of the Econ Alive textbook.

Chapter 5-Econ Alive.pdf

2. Supply is the amount of a good or service that producers are willing and able to offer for sale at all prices in a given period. A supply curve shows the relationship between the price and the quantity that producers are willing and able to supply. Please note that a supply curve is upward sloping. This illustrates the direct relationship between supply and price. The main goal of producers is to make a profit so you will notice that as price increases, the quantity supplied also increases. At lower prices, the quantity supplied by producers decreases. This video further explains the concepts of the Law of Supply and the supply curve.

The Supply Curve

On a scratch piece of paper, practice using the supply schedule shown below to create a supply curve for hamburgers. Here's a quick video to help you understand how to create a supply curve.

Drawing a Supply Curve

Practice Supply Schedule.PNG