{"id":5412,"date":"2019-02-14T09:48:41","date_gmt":"2019-02-14T04:18:41","guid":{"rendered":"http:\/\/astan.lk\/al_virtualclassroom\/?p=5412"},"modified":"2019-02-16T10:03:02","modified_gmt":"2019-02-16T04:33:02","slug":"supply","status":"publish","type":"post","link":"https:\/\/astan.lk\/al_virtualclassroom\/supply\/","title":{"rendered":"Supply"},"content":{"rendered":"

If a good or a service is supplied to the market, it implies the following facts.<\/strong><\/span><\/h3>\n
    \n
  • Institutes owns technology and other resources for production<\/span><\/li>\n
  • Institute can earn profits when producing goods<\/span><\/li>\n
  • There is a plan to produce and market the good.<\/span><\/li>\n
  • Supply of a good to the market by one firm is said to be institutional supply and the total of all firms is market supply.<\/span><\/li>\n<\/ul>\n

    The following factors determine a firm’s supply<\/strong><\/span><\/h3>\n
      \n
    • Price of goods concerned. (P)<\/span><\/li>\n
    • Price of inputs (C)<\/span><\/li>\n
    • Technology. (T)<\/span><\/li>\n
    • Price of related goods (Pn)<\/span><\/li>\n
    • Expectations of producers (En)<\/span><\/li>\n
    • Government policies (G)<\/span><\/li>\n
    • Other factors.(O)<\/span><\/li>\n
    • Except these factors the number of producers in the market also affects<\/span>
      \n supply.(N)<\/span><\/li>\n<\/ul>\n

      Supply function can be illustrated with all these factors as follows.<\/strong><\/span><\/h3>\n

      QS = f {P, C, T, Pn, Ex, N, G,O}<\/p>\n

      Qs is dependent factors and all other factors are independent factors
      \nThe relationship between all determinents and supply is explained as the theory of supply.<\/p>\n","protected":false},"excerpt":{"rendered":"

      If a good or a service is supplied to the market, it implies the following facts. Institutes owns technology and other resources for production Institute can earn profits when producing goods There is a plan to produce and market the good. 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