ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A supply schedule is a table that shows the quantity supplied at each price. A supply curve is a graph that shows the quantity supplied at each price. Sometimes the supply curve is called a supply schedule because it is a graphical representation of the supply schedule.

Detailed explanation-2: -The supply schedule is a graph that shows you how many products are demanded from customers at a specific price based on the supply curve. The supply curve can show if an increase in your price will increase the company’s willingness to produce a product.

Detailed explanation-3: -A supply curve is a graph that shows how a change in the price of a good or service affects the quantity a seller supplies. Price is listed on the vertical y-axis, while quantity supplied is listed on the horizontal x-axis.

Detailed explanation-4: -One can use the supply schedule to do this: for a given price, find the corresponding quantity supplied for each individual supply schedule and then sum these quantities to provide a group or aggregate supply. Plotting the summation of individual quantities per each price will produce an aggregate supply curve.

Detailed explanation-5: -A vertical supply curve is said to be perfectly inelastic. A horizontal supply curve is said to be perfectly elastic. The price elasticity of supply is greater when the length of time under consideration is longer because over time producers have more options for adjusting to the change in price.