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Listen to the following podcast Supply - Getting the Best Out of What You Sell Think Like An EconomistLinks to an external site. and consider
Listen to the following podcast Supply - Getting the Best Out of What You Sell Think Like An EconomistLinks to an external site. and consider how the coffee shop owner's choices change at different prices. (Click for Supply Podcast Transcript.) Did this give you additional insight into how business owners make supply decisions? Did you notice the description of how a higher price would give the coffee shop owner more incentive to increase the quantity supplied? Notice the repeated mention of marginal (cost and benefit) when making decisions
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