What's it: Individual supply refers to the number of goods a firm is willing and able to produce at a given price, ceteris paribus. It only represents supply from one producer. When you combine all the firms' production in the market, we call it
Supply
Law of Supply
Law of supply states quantity supplied of good has a positive correlation with its own-price, ceteris paribus. If the price of a product rises, the quantity supplied will increase. A higher price encourages producers to increase output to get more
Supply Curve: Means, Determinants
A supply curve is a graphical representation of the law of supply. The law states a positive relationship between the quantity supplied and the own-price of the product. When its own price rises, the quantity supplied will increase. But, when prices
Supply: Meaning, Factors Affecting It
In economics, supply represents the quantity that producers are willing and able to supply at a certain price. That is a fundamental economic concept besides demand.Producers exist to meet consumer demand. If the individual motive is satisfaction
Supply function
The supply function is a mathematical equation that connects the quantity of supply of a good with its determining factors. Determinants include its own price, wages, energy costs, raw material prices, taxes, the selling price expectation, subsidies,
Market Supply: Meaning, Determinans, How It is Calculated
The market supply represents the total quantity of goods or services that producers are willing to supply at a specific price and time. That is the sum of all individual producer supply.How to determine the market supplyWe calculate market