Representation of Supply:
Supply may be represented in three ways: a schedule, curve or function/equation.
The Supply Schedule
It is a table or a list showing a set of market prices for a commodity and the corresponding set of quantities that would be offered for sale by a firm, other things remaining the same. Below table represents a supply schedule of for Amala:
|
Price (c)
|
Quantity Supplied
(Bags)
|
|
1000
|
0
|
|
2000
|
10
|
|
3000
|
20
|
|
4000
|
30
|
|
5000
|
40
|
|
6000
|
50
|
|
7000
|
60
|
From the supply schedule for Amala in Table 2.3, it is evident that as the price of it rises, the suppliers are willing to offer more for sale. For example, if the price of Amala rises from c4000 to c5000, suppliers are willing to increase the quantity supplied from 30 to 40 bags.