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Factors influencing the supply of a commodity
a) Own Price of the commodity
There is a direct relationship between quantity supplied and the price so that the higher the price, the more people shall bring forth to the market. Mathematically this can be illustrated as follows:
Qs = -c + dp
Where: Qs is the quantity supplied
-c is a constant
d is the factor by which price changes
P is the price
Thus the normal supply curve slopes upwards from left to right as follows:
The reason why a greater quantity is supplied at a higher price is because, as the price increases, organisations which could not produce profitably at the lower price would find it possible to do so at a higher price. One way of looking at his is that as price goes up, less and less efficient firms are brought into the industry.
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