Managerial Economics - Supply Analysis
Introduction of Supply Analysis
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Supply is what the seller is able and willing to offer for sale. The Quantity supplied is the amount of a particular commodity that a firm is willing and able to offer for sale at a particular price during a given time period.
Introduction of Supply Analysis
Law of Supply: is the relationship between price of the commodity and quantity of that commodity supplied. i.e. an increase in price will lead to an increase in quantity supplied and vice versa.
Supply Curve: A graphical representation of how much of a commodity a firm sells at different prices. The
supply curve is upward sloping from left to right. Therefore the price
elasticity of supply will be positive. Graph - Supply curve
Tags : Managerial Economics - Supply Analysis
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