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Distrust of statistics means a lack of confidence in statistical methods and statements. In spite of the services provided by statistics, considerable distrust exists in the minds of people with regard to its reliability and usefulness.
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The government of your state is planning to construct a by-pass around a very busy market town. The new road would run through wetlands bordering a local river where a wide range of different creatures live. So, the environmentalists are against the project. The educationist and other wanted the money to be used to build a engineering college and to improve the existing poor health facilities. The government decide to go ahead with the road construction. What is the Value & Opportunity cost
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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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Vaibhav Kamboj 4 years, 7 months ago
1Thank You