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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