Aggregate supply like the aggregate demand is an important phenomenon that helps to decide different market situation. In case you are in doubt, you can surely check out aggregate supply homework answers.
What is aggregate supply?
The first thing to know about is that it is a flow concept. It is actually the flow of goods and services during a given time period in an economy. In the short run, it is actually linked to the total amount of employment in the labor. And then again on the basis of schedule, as the minimum amount that is required to induce the managers to determine the various amounts of employment.
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Going back to the topic,
We know that the supply is divided into savings (s) and consumption (c)
Also, can be denoted by the following formula:
Y = C + S
In the period of short run, aggregate supply changes with the change in the stock of capital, employment of labor, with technology being the only thing that is constant.
We also need to know one important relationship: as there is an increase in the aggregate employment, there should also be an increase in aggregate supply in a definite proportion.
The aggregate supply curve is the graphical illustration of the aggregate supply where on the horizontal or the x axis we take the measure of the GDP, and on the vertical or the y axis, we measure the price level.
The graph is a positive graph that is it has a positive slope. The technique used in the construction of the aggregate supply curve differs from that of the technique used in the construction of the supply curves. The supply curve of a solo being constructed with the price level, is constant.
As there is an increase of x, that is the increase in price level, sellers providing that good, the cost of it doesn’t changes, so they are want to increase their sales. Thus by selling more they can increase their profit. Aggregate supply curve is actually defined on the basis of price level. When there is an n increase in price level, there will also be an increase in the price of those products that the producers are going to buy for their own products so that in order to have more output.
There is also no assured as to whether there will be more GDP output as there is an increase in the price level.
As we can see in above, this is how a supply curve looks like in the short run and the long run. Both are seen to have a positive slope.
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Shifting of the aggregate supply:
In the long run, the critical point that leads to the shifting of the aggregate supply curve is the growth of productivity. By the terms of economics, productivity means how much output can be produced with a given quantity of labor. One important factor that measures this productivity is the GDP per Capita.
In the above picture, we can see how the aggregate supply curve gets a shift towards both left-hand side and right-hand side. When there is a higher price input, like there is an increase in the wages or any kind of energy products, then there can be a macro economic impact on the aggregate supply.
Thus we can see that increase in the price level can force the graph to shift towards the left-hand side. Thus it can be concluded that at each given price levels, a more high price of the input will try to lower the production, as this discourages the possibility of earning more profit.
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