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Explain the factor 'input prices' used …

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Explain the factor 'input prices' used in the change of supply.

Posted by Raghav Gaur 7 years, 4 months ago

CBSE > Class 12 > Economics

1 answers

Khushi Sharma 7 years, 4 months ago

Input price refers to the price which is incurred to produce goods and services....example ...labour cost ,etc. If input price increases then cost of goods increases which reduces the profit margin for the producers...and he tends to produce less ......bcz a producer always aims to maximise his profits ....so in relation to that he will produce less....hence supply curve will shift leftward.....and in case when input price decreases ........the cost of producing goods decreases....and it increases the profit margin of the producers and they will produce more to gain more.....and hence supply curve will shift rightward...

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