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  2. Supply and demand - Wikipedia

    en.wikipedia.org/wiki/Supply_and_demand

    Mathematically, a supply curve is represented by a supply function, giving the quantity supplied as a function of its price and as many other variables as desired to better explain quantity supplied. The two most common specifications are: 1) linear supply function, e.g., the slanted line =, and

  3. Law of supply - Wikipedia

    en.wikipedia.org/wiki/Law_of_supply

    A supply is a good or service that producers are willing to provide. The law of supply determines the quantity of supply at a given price. [5]The law of supply and demand states that, for a given product, if the quantity demanded exceeds the quantity supplied, then the price increases, which decreases the demand (law of demand) and increases the supply (law of supply)—and vice versa—until ...

  4. Isoelastic utility - Wikipedia

    en.wikipedia.org/wiki/Isoelastic_utility

    Isoelastic utility for different values of . When > the curve approaches the horizontal axis asymptotically from below with no lower bound.. In economics, the isoelastic function for utility, also known as the isoelastic utility function, or power utility function, is used to express utility in terms of consumption or some other economic variable that a decision-maker is concerned with.

  5. Law of demand - Wikipedia

    en.wikipedia.org/wiki/Law_of_demand

    Together with the law of supply, the law of demand provides to us the equilibrium price and quantity. Moreover, the law of demand and supply explains why goods are priced at the level that they are. They also help us identify opportunities to buy what are perceived to be underpriced (or sell overpriced) goods or assets. [7]

  6. Demand - Wikipedia

    en.wikipedia.org/wiki/Demand

    For example, if the demand equation is Q = 240 - 2P then the inverse demand equation would be P = 120 - .5Q, the right side of which is the inverse demand function. [13] The inverse demand function is useful in deriving the total and marginal revenue functions. Total revenue equals price, P, times quantity, Q, or TR = P×Q.

  7. Market power - Wikipedia

    en.wikipedia.org/wiki/Market_power

    The graph below depicts the kinked demand curve hypothesis which was proposed by Paul Sweezy who was an American economist. [29] It is important to note that this graph is a simplistic example of a kinked demand curve. Kinked Demand Curve. Oligopolistic firms are believed to operate within the confines of the kinked demand function.

  8. Supply (economics) - Wikipedia

    en.wikipedia.org/wiki/Supply_(economics)

    Supply is often plotted graphically as a supply curve, with the price per unit on the vertical axis and quantity supplied as a function of price on the horizontal axis. This reversal of the usual position of the dependent variable and the independent variable is an unfortunate but standard convention.

  9. Price elasticity of supply - Wikipedia

    en.wikipedia.org/wiki/Price_elasticity_of_supply

    Relatively elastic supply: This is when the E s formula gives a result above one, meaning that when there is a change in price, the percentage change in supply is higher than the percentage change in price. Using the above example to show an elastic supply, when there is a 10% increase in price there will be more than a 10% increase in supply. [8]