What is Supply Schedule? Definition, Types, Example
In economics, a Supply schedule is defined as a tabular representation of the law of supply.
MBA Notes
In economics, a Supply schedule is defined as a tabular representation of the law of supply.
According to the law of supply, the quantity supplied increases with a rise in the price of a product and vice versa while other factors are constant.
Determinants of Supply are the factors that influence producer supply cause the market supply curve to shift.
Supply is an economic principle can be defined as the quantity of a product that a seller is willing to offer in the market at a particular price within specific time.
Movement in the demand curve is when the commodity experience change in both the quantity demanded and price. The shift in the demand curve is when, the price of the commodity remains constant, but there is a change in quantity demanded due to some other factors.
Demand function represents the relationship between the quantity demanded for a commodity and the price of the commodity.
Demand curve is a graphical presentation of the demand schedule. It is obtained by plotting a demand schedule.
Demand schedule is a tabular representation of different quantities of commodities that consumers are willing to purchase at a specific price and time while other factors are constant.
Law of demand is given as, “If the price of a product falls, its quantity demanded increases and if the price of the commodity rises, its quantity demanded falls, other things remaining constant.”
Determinants of demand are the factors that influence the decision of consumers to purchase a product or service.