economics comic strip
Storyboard Text
- WOW! Your homemade gluten free muffins are amazing Sally! I'm so glad your bakery is succeeding! So tell me, how do you do it ?
- Awe I'm so glad you like them ! Let me walk you through the process !
- TotallyGF
- I get all of my supplies right here at our local market. Luckily the prices here are great, so my profit is always more than my input costs.
- My muffins have a fixed cost that also helps me succeed. That is because my marginal revenue is always more than the marginal cost.
- Don't be fooled though, I had a lot of learning to do on the way to my success. One day there was a change in supply. This caused my variable costs to increase, so I raised my prices. Shortly after my customers stopped coming to the bakery. This made my total revenue decline. IT WAS A DISASTER !!
- Here is what that did to my company's supply schedule and our supply curve.
- After that incident I went back to my old prices and explained to everyone what happened. So that's how I got to wear I am today!
- WOW! That's awesome, thank you for sharing that!
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