Question

State and explain the law of supply using a suitable numerical example

Answer 1

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Answer 2

Explanation:

The 'law of supply' states that 'Other things remaining same, the supply of a product rises as Its price rises and falls as its price falls'.

Suitable numerical example is  

Price ( Rs) Quantity supplied

6.00                        3000

7.00                         4000

8.00                         5000

9.00                         6000  

It shows the supply of commodity at all different prices. At price Rs, 6.00 per unit 3000 units of x are supplied and at price Rs 7.00 the supply increases to 4000 and so on. It is observed that bigger quantities are offered at a 'higher price' than at a 'lower price.'