With a partner, discuss and Write down all the factors that you think influence the supply of fried chicken pieces by chick roast. Report back on your discussion to the rest of the class.
The following factors are the main determinants of the individual supply of a product:
1. The price of a product
2.the prices of inputs
3. The prices of alternative products
4. The technology needed to make a product
Make two short paragraph each
Partner 1:
One of the main factors that influences the supply of fried chicken pieces by Chick Roast is the price of the product itself. If the price of fried chicken pieces increases, Chick Roast may be motivated to supply more of it because they can earn higher profits. On the other hand, if the price decreases, they may decrease the supply as it may not be as profitable.
Additionally, the prices of inputs also play a significant role in determining the supply. Chick Roast requires various inputs to produce fried chicken pieces, such as chicken meat, flour, oil, and spices. If the prices of these inputs increase, the cost of production for Chick Roast also increases, potentially leading to a decrease in the supply of fried chicken pieces. Conversely, if the prices of inputs decrease, it may incentivize Chick Roast to increase the supply of their product.
Partner 2:
Another factor that influences the supply of fried chicken pieces by Chick Roast is the prices of alternative products. If there are alternative products in the market, such as burgers or pizzas, that are priced similarly or lower than fried chicken pieces, it may lead to a decrease in the demand for Chick Roast's product. Consequently, Chick Roast may reduce the supply of fried chicken pieces to match the lower demand. On the other hand, if there are no comparable alternatives or if fried chicken pieces are in high demand, Chick Roast may increase the supply to meet the consumer demand.
Lastly, the technology needed to make the product is another determinant of the supply. If Chick Roast adopts new and more efficient technologies in their production process, it may enable them to produce and supply more fried chicken pieces at a lower cost. This can result in an increase in the supply. However, if the technology becomes outdated or there are technological disruptions, it may hinder the supply of fried chicken pieces by Chick Roast. Therefore, technological advancements can both positively and negatively impact the supply of the product.