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AP: The abbreviation for average product, which is the quantity of total output produced per unit of a variable input, holding all other inputs fixed. It is found by dividing total product by the quantity of the variable input. Average product, abbreviated AP also goes by the alias of average physical product (APP), so don't be confused by the extra term (physical).

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Lesson 6: Supply | Unit 1: Selling Basics Page: 3 of 19

Topic: Quantity Supplied <=PAGE BACK | PAGE NEXT=>

Second, quantity supplied.

Quantity supplied is the specific quantity of a good that sellers would be willing and able to sell at a specific price.

  • Price and quantity supplied are a pair of numbers that go together.
Quantity supplied is not the same as supply.
  • Supply is the entire range of prices and quantities (all pairs of numbers).
  • Quantity supplied is a specific quantity at a specific price (a quantity paired with a price).

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INCOME EFFECT

The change in quantity demanded that results because a change in the demand price of a good affects real income (that is, the purchasing power of income) even though nominal income remains the same. This is one of two reasons, or effects, underlying the law of demand and the negative slope of the market demand curve. The other is the substitution effect.

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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway wanting to buy either a birthday gift for your father that doesn't look like every other birthday gift for your father or a green fountain pen. Be on the lookout for door-to-door salesmen.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
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