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AEM_250_Lec5_and_6_Supply_09_08_08_to_09_10_08_sv

AEM_250_Lec5_and_6_Supply_09_08_08_to_09_10_08_sv - Supply...

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Supply Schedules, Curves, and Functions Supply Schedule : a tabular presentation showing the total quantity of a particular good that sellers wish to sell at each price, ceteris paribus . Supply Curve: a curve or graph showing the total quantity of a good that sellers wish to sell at each price, ceteris paribus . Price (P) is on the vertical or ‘Y’ axis. Quantity (Q) is on the horizontal or ‘X’ axis. Supply Function : a mathematical relationship describing the total quantity of a good that sellers wish to sell at each price (note that here we have a simple one-to-one relationship between price and quantity). e.g., Q SW = S(P W ) = P W (supply curve) – Or, P W = MC(Q W ) = Q W (marginal cost or MC curve)
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