BSCE11 Lecture : Supply Analysis - managerial economics

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18 Dec 2022
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A commodity"s supply refers to the various amounts of the commodity that a seller is willing and able to sell at various prices in a specific market at a particular time, all other things being equal. What the seller is able and willing to give for sale is referred to as supply. The quantity supplied is the quantity of a specific good that a company is prepared and ready to offer for sale at a specific price during a specific time frame. Supply schedule: is a table outlining the maximum amount of a commodity that businesses can sell at various rates. Law of supply: is the correlation between the price of a commodity and the supply of that commodity. In other words, a rise in price will result in a rise in the amount given, and vice versa. Supply curve: a visual representation of the volume of a commodity sold by a company at various prices.

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