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ECONOMIES OF SCOPE: A production process in which it is cheaper to produce two (or more) products together rather than separately. This property is also termed joint production. For example the production of beef also results in the production of leather and the production of lumber also results in the production of sawdust. Economies of scope can be beneficial, that is, giving a producer multiple products to sell. But it can also be problematic when one of the joint products is undesirable, such as pollution or waste residual.

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Lesson 8: Market Shocks | Unit 2: Determinants Page: 6 of 20

Topic: Supply <=PAGE BACK | PAGE NEXT=>

Five basic supply determinants:
  • Resource prices: Higher prices of inputs such as labor, land, and raw material, decrease supply.
  • Technology: Improved technology means an increase in supply.
  • Prices of other goods: An increase in the price of a substitute-in-production, decreases supply. An increase in the price of a complement-in-production, increases supply.
  • Seller's expectations: If sellers expect higher prices tomorrow, they decrease supply today.
  • Number of sellers: More sellers mean more supply.

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INTERCEPT, CONSUMPTION LINE

The intercept of the consumption line indicates autonomous consumption, consumption that does not depend on the level of income or production. This can be thought of as the baseline level of consumption that would be undertaken if income falls to zero. Autonomous consumption is affected by the consumption expenditures determinants, which cause a change in the intercept and a shift of the consumption line. The value of the intercept of the saving line is the negative of the value of the intercept of the saving line.

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