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In this essay we will discuss about Supply of a Commodity. After reading this essay you will learn about: Meaning of Supply 2. The Law of Supply 3. The Elasticity of Supply 4.
Supply Curve under Monopoly or Imperfect Competition. By supply is meant the quantities of a commodity or service which a seller is willing and able to offer for sale at various prices during a given period of time.
Thus supply is always at a price and in relation to a period of time. The higher the price, The greater will be the quantity of a commodity that will be supplied by a producer, and vice versa. Therefore, the relation between price and quantity supplied is direct and positive.
The quantity supplied of a commodity is not dependent upon its price alone but on a number of factors such as the prices of other commodities, the price of factors used in its production, the goals of producers and the state of technology, these factors can better written in the form of an equation known as the supply function thus: We discuss these determinants of supply below: Price of the Commodity: The higher the price of a commodity, the larger will be the quantity supplied, and vice versa.
Price of other Commodities: A change in the price of another commodity also affects the supply of a commodity. For instance, if the price of good A rises, the producer of good may produce less of good and switch over to the production of good A in order to sell more of it. Prices of Factors used in its Production: If the price of any one factor of production i.
As a result, its output will fall and the supply will be reduced. The reverse will happen in the case of a fall in the price of a factor. If a producer aims at maximising profit, he will produce less of the commodity which involves large risk. A producer who aims at maximising his sales will produce and sell more.
If new and improved methods of production are used, they tend to increase the supply of commodities. The Law of Supply: The law of supply states that, other things being equal, the quantity supplied varies directly with the price of the commodity.
When price rises, the quantity supplied rises, and when price falls the quantity supplied also falls. All these factors are assumed to be constant. These are the assumptions of the law of supply.
The law of supply is explained with the help of a schedule and a curve. Table 1 shows a hypothetical supply schedule for apples.Self pity poem analysis essay toledo rep death of a salesman essay jo la belle irlandaise descriptive essay michael collins film essay introduction to metaphysics heidegger analysis essay wall e rhetorical analysis essays do bobbies on the beat reduce crime essay essay about immigration causes and effects essayists and prophets and kings toledo.
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