SUPPLY

Supply is the number of commodities a producer is willing to supply at a given price in a given period of time.

Definition of supply:

        According to Samuelson, “supply refers to the relation between market prices and the number of goods that producers are willing to supply.”

Supply schedule

    A supply schedule is a tabular representation of the functional relationship between the price of a commodity and the supply of commodities.

1) Individual supply: A individual supply schedule is a tabular representation of the functional relationship between the price of a commodity and the supply of commodities a single producer is willing to supply.

Price	Quantity supplied
10	100
20	200
30	300
40	400

 

2) Market supply: A market supply schedule is a tabular representation of the functional relationship between the price of a commodity and the supply of commodities all producer is willing to supply.

price	Producer A	Producer B	Producer C	Total quantity supplied
10	100	150	50	300
20	200	250	150	600
30	300	350	250	900
40	400	450	350	1200