Learning objectives
Explain why the supply curve slopes upwards and derive market supply from the supply of individual firms
Distinguish a movement along the supply curve from a shift, and analyse shifts caused by production costs, technology, indirect taxes, subsidies and the number of firms
Calculate quantity supplied from a linear supply equation such as Qs = −10 + 5P
Explain joint supply, such as beef and leather, and analyse how a change in the market for one product affects the other
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