Supply Schedule

Supply is the quantity of a commodity that a producer is willing and able to offer for sale at a given price during a given period of time. The quantity of a commodity being supplied by a firm can be represented in many ways, one of these is a supply schedule.

Supply Schedule

Supply schedule is a tabular statement showing number of units of a commodity being supplied at various levels of price, during a given period of time. There are two types of supply schedules –

1. Individual
2. Market

Individual Supply Schedule

Individual supply schedules refer 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.

As seen in the schedule given above, quantity supplied of commodity X increases with increase in price. The firm is willing to offer for sale 5 units of X at a price of Rs. 1. When the price rises to Rs. 2, supply also rises to 10 units.

Market Supply Schedule

Market supply schedule refers to a tabular statement showing various amounts of a commodity that all the producers are willing to offer for sale at various levels of price, during a given period of time. It is obtained by adding all the individual supplies at each and every level of price.

Market supply can be expressed as –

S_m=S_A+S_B…

Where S_m is the market supply and S_A+S_B… are the individual supply of supplier A, supplier B and so on.

As we can see in the table given above, market supply is obtained by adding the supplies of suppliers A and B at different prices. At price of Rs. 1, market supply is 15 units. When price rises to Rs. 2, market supply rises to 30 units, So, it also shows a direct relationship between price and quantity supplied.

Microeconomics Class 12 Notes – Chapter 11

• Concept of supply
• Supply Curve
• Determinants of Supply
• Law of Supply
• Movement along the supply curve
• Shift in Supply Curve
• Price Elasticity of Supply