What is Supply Curve?
In economics, supply curve is a graphical representation of supply schedule
Individual supply curve
Market supply curve
In a graph, the price of a product is represented on Y-axis and quantity supplied is represented on X-axis.
Individual supply curve
PRICE OF THE PRODUCT (₹ PER KG)
|
QUANTITY SUPPLIED OF COMMODITY A (KG PER WEEK)
|
5
|
3,000
|
10
|
8,000
|
15
|
12,000
|
20
|
15,000
|
PRICE OF PRODUCT A (₹ PER KG)
|
QUANTITY SUPPLIED BY FIRM X (1000 KG PER WEEK)
|
QUANTITY SUPPLIED BY FIRM Y (1000 KG PER WEEK)
|
MARKET SUPPLY (1000 KG PER WEEK)
|
5
|
3
|
7
|
10
|
10
|
8
|
12
|
20
|
15
|
12
|
15
|
27
|
20
|
15
|
17
|
32
| Movement and Shift In Supply Curve
Movement along Supply Curve is when the commodity experience change in both the quantity supply and price, causing the curve to move in a specific direction.
The shift in supply curve is when, the price of the commodity remains constant, but there is a change in quantity supply due to some other factors, causing the curve to shift to a particular side.
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