b. Supply i. Define supply. ii. State the law of supply. iii. List and explain the...

b. Supply i. Define supply. ii. State the law of supply. iii. List and explain the determinants of supply and how each can either cause an increase in supply and a decrease in supply. 1. There are 6 determinants of supply listed in the slide set. You should be able to list and explain how each shifts the supply curve to the left or right. iv. Thoroughly and completely explain the differences between a change in supply and a change in quantity supplied and the causes of those changes. 1. Be sure you include the causes of the changes!

Expert Solution

i. Supply can be defined as the schedule of the quantities of a good that the firms are able and willing to offer for sale at various prices.

ii. The law of supply states that when the price increases, the quantity supplied of the commodity increases and when price decreases, the quantity supplied decreases, other factors determining supply remaining constant.

iii. Following are the determinants of supply:

(a)The price of the commodity- An increase in the price will increase the quantity supplied and vice versa

(b) The prices of inputs used for production of the commodity- An increase in the price of inputs will reduce the supply. The supply curve will shift to the left

(c) The state of technology- Technological advancement increases the supply. However, the state of technology is generally taken as constant.

(d) The number of firms in the market- more the number of firms more will be the supply

(e) The prices of related goods- If the related good is substitute and price of substitute increases then quantity supplied of first commodity decreases and vice versa.

(f) Future expectation regarding prices- If expected price increases then supply in future will increase but in current period supply will decrease.

iv. Supply of a commodity refers to the entire schedule of the quantities of a commodity that a firm offers at different prices during a period of time whereas quantity supplied refers to the quantity that a firm is able and willing to sell at a particular price.

Rahul Sunny answered 5 months ago

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