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WEEK 5
CONCEPT OF SUPPLY
Content
- Definition of supply, Supply Schedule and Curves
- Law of supply
- Factors affecting supply
- Determinants of equilibrium Price
Sub-topic One:
Concept of Supply
Supply may be defined as the quantity of a good or service which a producer is willing and able to offer for sale at a particular period of time and at a given price. Supply does not mean the total number of products made but the amount of goods and services a producer is able to offer for sale at a particular period of time and at a given price.
For example, vehicles stored in the inventory of the manufacturers which are not offered for sale at that point in time are not part of supply of motor vehicles.
Supply schedule: – A supply schedule like demand schedule may be defined as a table showing the relationship between price and the quantity that is offered for sale at a particular period of time.
We have two types of supply schedule
- Individual supply schedule
- Market supply schedule
- Individual Supply Schedule: – This is a table which shows the various quantities of a commodity which a seller of that commodity is willing to sell at different prices, at a particular period of time.
Let’s examine quantities of yam offered for sale at different price by Mr. Adeolu
Mr. Adeolu’s Supply Schedule for yam.
| Price (N) | Quantity supplied |
| 55
50 45 40 35 |
35
28 21 14 7 |
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