A supply schedule is a table which shows how much one or more firms will be willing to supply at particular prices under the existing circumstances. Some of the more important factors affecting supply are the good's own price, … See more

By convention in the context of supply and demand graphs, economists graph the dependent variable (quantity) on the horizontal axis and the independent variable (price) on … See more

The Law of Diminishing Marginal Returns (LDMR) shapes the SRMC curve. The LDMR states that as production increases eventually a point … See more

The market supply curve is the horizontal summation of firm supply curves.
The market supply curve can be translated into an equation. For a factor j for example the market supply … See more

Supply functions, then, may be classified according to the source from which they come: consumers or firms. Each type of supply function is … See more

Movements along the curve occur only if there is a change in quantity supplied caused by a change in the good's own price. A shift in the supply curve, referred to as a change in … See more

A firm's short-run supply curve is the marginal cost curve above the shutdown point—the short-run marginal cost curve (SRMC) above the minimum average variable cost. The portion of the SRMC below the shutdown point is not part of the supply curve … See more