Use the following to answer question(s) : Demand and Supply Shifters
-(Exhibit: Demand and Supply Shifters) The exhibit shows how supply and demand might shift in response to specific events.Suppose half the people in San Diego pack up and move to Colorado Springs.Which panel best describes how this will affect the supply of houses in San Diego?
Definitions:
Production Function
An equation that describes the relationship between the inputs used in production and the output generated from those inputs.
Marginal Product
The additional output produced as a result of using one more unit of a particular input, holding all other inputs constant.
Profit Maximization
The process by which a company determines the price and output level that generates the maximum profit.
Production Function
A formula that specifies the output of a firm, an industry, or an entire economy for all combinations of inputs.
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