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Graphing Supply: Understanding the Law of Supply

Learn how to graph the law of supply step by step, depicting shifts in supply curve due to determinants such as price changes. Enhance your economics knowledge with practical examples.

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Graphing Supply: Understanding the Law of Supply

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  1. Graphing Supply

  2. The Law of Supply P QS P QS

  3. Step #1 • Draw an standard y-axis • Label the y-axis “Price” Price

  4. Step #2 • Draw an standard x-axis • Label the x-axis “QS” Price QS

  5. Step # 3 • Draw a standard supply curve • Label the curve “S1” S1 Price QS

  6. Step #4 • Read the problem • What determinant of supply is dictating the shift in supply? • Draw the shift in supply.

  7. Step #5 Graphically depicting shifts in supply

  8. An increase in supply S1 S2 Price QS

  9. A decrease in supply S2 S1 Price QS

  10. Step # 6 • Label the determinant

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