The document discusses the law of supply and its key aspects. It defines supply as how much of a good producers are willing and able to offer for sale at different prices when other factors are held constant. The main determinants of supply are price of the good, related goods, factors of production, technology, and government policy. According to the law of supply, as the price of a product increases the quantity supplied also increases, and vice versa. Supply schedules show the quantity supplied at each price, including individual and market supply schedules. Changes in quantity supplied occur along the supply curve, while changes in supply result from shifts to the supply curve.
Economists agree that supply means the commodity offered for sale at a price. In other words, supply refers to total supply offered for sale at a price to retailers and wholesalers. Sometimes the term market supply is used to denote the supply of perishable commodities with retailers only.
Economists agree that supply means the commodity offered for sale at a price. In other words, supply refers to total supply offered for sale at a price to retailers and wholesalers. Sometimes the term market supply is used to denote the supply of perishable commodities with retailers only.
Supply content slideshow. Designed for the Economic A level qualification. Can be used in revision and in class.
Subtopics:
Intro to Supply
The Supply Curve
Why is the Supply Curve Upward Sloping?
Determinants of Supply
Joint Supply
Macro Economics
For downloading this contact- bikashkumar.bk100@gmail.com
Prepared by Students of University of Rajshahi
Md. Roxy Hossain
Md. Rehan
Md. Refat Al Asmawl
Jil Jawshon Jababir
Md. Hamim Sarwar
Supply content slideshow. Designed for the Economic A level qualification. Can be used in revision and in class.
Subtopics:
Intro to Supply
The Supply Curve
Why is the Supply Curve Upward Sloping?
Determinants of Supply
Joint Supply
Macro Economics
For downloading this contact- bikashkumar.bk100@gmail.com
Prepared by Students of University of Rajshahi
Md. Roxy Hossain
Md. Rehan
Md. Refat Al Asmawl
Jil Jawshon Jababir
Md. Hamim Sarwar
The theory of price, also known as price theory, is a microeconomic principle that uses the concept of supply and demand to determine the appropriate price point for a good or service. The goal is to achieve equilibrium in which the quantities of goods or services provided match the corresponding market's desire and ability to acquire the good or service. The concept allows for price adjustments as market conditions change.
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Law of supply
1. Law of Supply
Submitted To:
Name : Janifar Rahman
Lecturer, Department of GED
Submitted By:
Name: Md. Islam Khan
2. What is Supply?
Supply indicates how much a good producers
are willing and able to offer for sale per
period at each possible price, other things
constant.
3. Determinants Of Supply
Price of the Good.
Price of Related Goods.
Price of the Factors of Production.
State of Technology.
Government Policy.
Others Factors.
4. Law of Supply
As Price of a product increases quantity
supplied increases, and as price
decreases, quantity supplied
decreases.
-Ceteris peritus.
Symbolically,
P QS
6. Individual Supply Schedule &
Curves
A Supply Schedule displays the quantity of a
product supplied at each price:
7. Market Supply Schedule &
Curves
Market supply curve also represents the direct relationship
between the quantity supplied and price of a product.
8. Element of Supply
Quantity of commodity willing to Supply.
Price of the Commodity.
Time during which it is Offered for Sale.
9. Changes in Supply vs. Change
in Quantity Supplied
Change in a good’s own price causes change
in quantity supplied.
Movement along the supply curve.
Change in supply caused by change in
determinant of supply.
Shifts supply curve.
