Page 2 - Lesson Note 12

S x = f (P x, P o, P f, S t, T, G, T, G, N, F, M)
Where,

S x = Market supply of given commodity x; P x = Price of the given commodity x;

P0 = Price of other goods; Pf = Prices of factors of production;
S t = State of technology; T = Taxation policy;

G = Goals of the market; N = Number of firms;

F = Future expectation regarding P x; M = Means of transportation and

communication.

Types of Supply Schedule: Individual Supply and Market Supply!

Supply schedule is a tabular statement showing various quantities of a
commodity being supplied at various levels of price, during a given period of

time. Like demand schedule, supply schedule is also of two types:

1. Individual Supply Schedule:
Individual supply schedule refers to a tabular statement showing various

quantities of a commodity that a producer is willing to sell at various levels of

price, during a given period of time.

Table 9.1: Individual Supply Schedule:

Price Quantity Supplied
1 5
2 10
3 15
4 20
5 25

As seen in the schedule, quantity supplied of commodity x increases with
increase in price. The producer is willing to sell 5 units of x at a price of Rs. 1.
When the price rises to Rs. 2, supply also rises to 10 units.