Change in supply versus change in quantity supplied

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Change in supply versus change in quantity supplied

[Instructor] We're going to continue our discussion on the law of supply.

And in particular in this video we're gonna get a little bit deeper to make sure we understand the difference between a change in supply.

And I'm just using the Greek letter delta here for shorthand for change in supply versus a change in quantity supplied.

And just as a bit of review we've talked about it in other videos supply is referring to the entire supply curve and this curve right over here has the typical shape of a supply curve following the law of supply.

At low prices, suppliers would provide low quantities and at higher prices suppliers would provide higher quantities.

So a change in supply would be a shift in this entire curve so for example, if you were to go from this curve let's call this S1 and we were to have a shift to the right this right over here would be a change in supply so we'd call this S2

and we would have this shift you could view it as to the right or to the right and down so this would be our change in supply.

Likewise, you could have a change in supply the other way where you go to the left and up depending on how you want to view it and so, this would be we could call that supply curve three.

These would all represent shifts in supply or changes in supply.

When we talk about quantity supplied we're talking about shifts along one of these curves.

So for example, at some price so let's say we have this price P1 right over here associated with that price we would have some quantity supplied we have some quantity supplied.

Let's call it quantity supplied one and then let's say for some reason we have a shift in price with the market forces not changing from a supplier's point of view.

And so, let's say we go to price two let's say we go to price two we would shift along that same curve the curve itself wouldn't have shifted.

And so, then you have quantity supplied two so change in supply is a shift of the curve to the left and up or to the right and down versus a change in quantity supplied is moving along the curve and the associated quantities.

Now, with that out of the way let's do some tangible examples and think about would it result in a change in supply or a change in quantity supplied?

So, let's say that the government decides that gas prices are too high and so, they institute a price cap.

And we're gonna talk much more about price caps in future videos but a price cap might just say and let's say that price cap is below the current price.

So, let's say the current price is at P2

and that the price cap is at P3 so the government says no one is allowed to charge more than P3 for gasoline.

What would that result in?

Would that result in a change in supply or a change in the quantity supplied?

Well, this is a classic case of a shift along a supply curve the price was there before now it shifts here.

And so, now we're going to have a different quantity supplied so this would be quantity supplied three.

So this is a change in quantity supplied and in this case, the change in quantity supplied would go down assuming that the price cap is below what the price was before the price cap.

Now, let's give another scenario.

Let's say that the price of refining gas goes up.

Price of refining goes up.

What would that do?

Would that be a change in supply or a change in quantity supplied?

And pause this video to think about it.

Well, this is something that would increase the cost of producing gasoline which is refined from oil across the board regardless of what price we're at.

So this would be a general shift this would be a change in supply and the entire supply curve think about which way it would shift think about it from a supplier's point of view.

At a given quantity so let's say we're at this quantity right over here at a given quantity they would now want to charge a higher price and it doesn't apply to just that quantity it could be this point in the curve this point in the curve.

This point of the curve they'd want to charge a higher price to make up for the fact that refining is now more expensive and so, this would be a shift you could view it up or shift upward and to the left.

You could also view it the other way.

At a given price suppliers would want to provide less quantity because they need to make up the fact that they're paying more for refining that gasoline.

And so, you could view that as a shift to the left or a shift of up and to the left and so, that would be in that direction we're kind of shifting like that and then of course we could talk about a scenario that goes the other way.

Well, let's say that the property tax in the entire market property tax on gas stations goes down so in theory, if the property tax goes down the cost of running a gas station goes down.

And this is for everyone in the market not just one player in the market and so, they might for a given price be able to supply more of a quantity or for a given quantity be able to lower the price.

Either way you could imagine shifting from S1 to something that looks like S2 going down and to the right.

And so, once again this would be a change in supply because you would have a shift regardless of what price and quantity supplied you are actually at.

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Change in supply versus change in quantity supplied발음듣기

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[Instructor] We're going to continue our discussion on the law of supply.발음듣기

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And in particular in this video we're gonna get a little bit deeper to make sure we understand the difference between a change in supply.발음듣기

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And I'm just using the Greek letter delta here for shorthand for change in supply versus a change in quantity supplied.발음듣기

다른 번역문 등록

And just as a bit of review we've talked about it in other videos supply is referring to the entire supply curve and this curve right over here has the typical shape of a supply curve following the law of supply.발음듣기

다른 번역문 등록

At low prices, suppliers would provide low quantities and at higher prices suppliers would provide higher quantities.발음듣기

다른 번역문 등록

So a change in supply would be a shift in this entire curve so for example, if you were to go from this curve let's call this S1 and we were to have a shift to the right this right over here would be a change in supply so we'd call this S2발음듣기

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and we would have this shift you could view it as to the right or to the right and down so this would be our change in supply.발음듣기

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Likewise, you could have a change in supply the other way where you go to the left and up depending on how you want to view it and so, this would be we could call that supply curve three.발음듣기

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These would all represent shifts in supply or changes in supply.발음듣기

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When we talk about quantity supplied we're talking about shifts along one of these curves.발음듣기

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So for example, at some price so let's say we have this price P1 right over here associated with that price we would have some quantity supplied we have some quantity supplied.발음듣기

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Let's call it quantity supplied one and then let's say for some reason we have a shift in price with the market forces not changing from a supplier's point of view.발음듣기

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And so, let's say we go to price two let's say we go to price two we would shift along that same curve the curve itself wouldn't have shifted.발음듣기

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And so, then you have quantity supplied two so change in supply is a shift of the curve to the left and up or to the right and down versus a change in quantity supplied is moving along the curve and the associated quantities.발음듣기

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Now, with that out of the way let's do some tangible examples and think about would it result in a change in supply or a change in quantity supplied?발음듣기

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So, let's say that the government decides that gas prices are too high and so, they institute a price cap.발음듣기

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And we're gonna talk much more about price caps in future videos but a price cap might just say and let's say that price cap is below the current price.발음듣기

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So, let's say the current price is at P2발음듣기

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and that the price cap is at P3 so the government says no one is allowed to charge more than P3 for gasoline.발음듣기

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What would that result in?발음듣기

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Would that result in a change in supply or a change in the quantity supplied?발음듣기

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Well, this is a classic case of a shift along a supply curve the price was there before now it shifts here.발음듣기

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And so, now we're going to have a different quantity supplied so this would be quantity supplied three.발음듣기

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So this is a change in quantity supplied and in this case, the change in quantity supplied would go down assuming that the price cap is below what the price was before the price cap.발음듣기

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Now, let's give another scenario.발음듣기

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Let's say that the price of refining gas goes up.발음듣기

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Price of refining goes up.발음듣기

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What would that do?발음듣기

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Would that be a change in supply or a change in quantity supplied?발음듣기

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And pause this video to think about it.발음듣기

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Well, this is something that would increase the cost of producing gasoline which is refined from oil across the board regardless of what price we're at.발음듣기

다른 번역문 등록

So this would be a general shift this would be a change in supply and the entire supply curve think about which way it would shift think about it from a supplier's point of view.발음듣기

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At a given quantity so let's say we're at this quantity right over here at a given quantity they would now want to charge a higher price and it doesn't apply to just that quantity it could be this point in the curve this point in the curve.발음듣기

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This point of the curve they'd want to charge a higher price to make up for the fact that refining is now more expensive and so, this would be a shift you could view it up or shift upward and to the left.발음듣기

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You could also view it the other way.발음듣기

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At a given price suppliers would want to provide less quantity because they need to make up the fact that they're paying more for refining that gasoline.발음듣기

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And so, you could view that as a shift to the left or a shift of up and to the left and so, that would be in that direction we're kind of shifting like that and then of course we could talk about a scenario that goes the other way.발음듣기

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Well, let's say that the property tax in the entire market property tax on gas stations goes down so in theory, if the property tax goes down the cost of running a gas station goes down.발음듣기

다른 번역문 등록

And this is for everyone in the market not just one player in the market and so, they might for a given price be able to supply more of a quantity or for a given quantity be able to lower the price.발음듣기

다른 번역문 등록

Either way you could imagine shifting from S1 to something that looks like S2 going down and to the right.발음듣기

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And so, once again this would be a change in supply because you would have a shift regardless of what price and quantity supplied you are actually at.발음듣기

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