 Assignment No 1

 Submitted To: Maam Ayesha Ismail

 Submitted by : Raz Mohammed
 Reg No: FA19 BBA 127
1st Answer
Supply is a fundamental economic concept that describes the total amount of a specific good or
service that is available to consumers

2nd Answer
Supply will be determined by factors such as price, the number of suppliers, the state of technology,
government subsidies, weather conditions and the availability of

Third Answer
Supply Function. A supply function is a mathematical expression of the relationship between
quantity demanded of a product or service, its price and other associated factors such as input costs,
prices of related goods, etc.

4th Answer
The law of supply is a fundamental principle of economic theory which states that, keeping other
factors constant, an increase in price results in an increase in quantity supplied. In other words,
there is a direct relationship between price and quantity: quantities respond in the same direction as
price changes.

5th Answer
assumption of law? Law of supply states that other things remaining constant, quantity supplied
increases with increase in own price of a commodity and vice-versa. 1) there this no change in the
price of the factors of production. 2) there this no change in the technique of production.

Sixth Answer
exceptions to law of supply, like a change in the price of a good does not lead to a change in its
quantity supplied in the positive direction.

7th Answer
Supply schedule is a chart that shows how much product a supplier will have to produce to meet
consumer demand at a specified price based on the supply curve. In other words, it's basically
a supply graph in spreadsheet form listing the quantity that needs to be produced at each product
price level.

8th Answer
the supply curve is drawn as a slope rising upward from left to right, since product price and quantity
supplied are directly related (i.e., as the price of a commodity increases in the market, the amount
supplied increases).

9th Answer
i. Price: ...

ii. Cost of Production: ...

iii. Natural Conditions: ...

iv. Technology: ...

v. Transport Conditions: ...

vi. Factor Prices and their Availability: ...

vii. Government's Policies: ...

viii. Prices of Related Goods:

10th Answer
ii. Individual supply is the supply of an individual producer at each price whereas market
supply of the individual supply schedules of all producers in the industry. This short
revision video looks at the craft beer industry to explain.

11th Answer
iii. i. Price: ...

ii. Cost of Production: ...

iii. Natural Conditions: ...

iv. Technology: ...

v. Transport Conditions: ...

vi. Factor Prices and their Availability: ...

vii. Government's Policies: ...

viii. Prices of Related Goods:

 11th Answer
iv. In simple words, movement along a supply curve represents the variation in quantity
supplied of the commodity with a change in its price .

12th Answer
v. A change in supply leads to a shift in the supply curve, which causes an imbalance in the
market that is corrected by changing prices and demand. An increase in
the change in supply shifts the supply curve to the right, while a decrease in
the change in supply shifts the supply curve here are five types of supply:
Market Supply: Market supply is also called very short period supply. ...

13th Answer
vi. Short-term Supply: ADVERTISEMENTS: ...

Long-term Supply: ...

Joint Supply: ...

Composite Supply