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Change in Supply |
Change in Quantity Supplied | |
| Meaning | When supply due to the change in all other variables other than the price of a good (i.e. price of the good remains same), then it is referred as change in supply. | When supply changes due to change in the price of goods only, assuming other determinants remaining unchanged, then it is referred as change in quantity supplied. |
| Functions | It is represented as Qx=f(Pˉx,Py,Pi,T,G,GF,NF) |
It is represented as Qx=f(Px,Pˉy,Tˉ,Pˉi,Gˉ,Gˉf,NˉF) |
| Shifts & Movements | It results in a shift in the supply curve of the firm which can be rightwards or leftwards. | It results in a movement of the supply curve of the firm which can be upward or downward. |
| Types: | The following are its types: 1) Increase in Supply 2) Decrease in Supply |
The following are its types: 1) Expansion of Supply 2) Contraction of Supply |
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Nisha Nisha 4 years, 10 months ago (10323334)
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