Question

Write short note on Market supply schedule.

Answer 1

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Economy

An economy is a system in which suppliers produce the goods and services that consumers demand. It's where consumers make choices about what to consume, and producers decide what to produce and how much of it to produce. So, let's talk about supply, what it means, what it looks like, and how we get the market supply schedule.

Supply is the relationship between the quantity of a good or service and its price. It's how much of a product or service is available for sale in a market.

The supply of bananas that nearby banana growers produce will change depending on the price of the bananas in the store. When bananas can be sold for 30 cents each, then local banana growers are willing to produce, let's say, 400 of them per week. If the price of bananas goes up to 60 cents for the same bananas, local banana growers are excited at the thought of how much profit they can make, and they're willing to supply 800 bananas instead. This is what we call quantity supplied.

Quantity supplied is often dependent on what price sellers can get. Quantity Supplied Bananas

Quantity Supplied

Quantity supplied is how much of a good or service sellers are willing and able to supply at a particular price. When you start to tally up all the different prices you could charge for a good or service, then you find a different quantity supply for each price. That's why we have what's called a supply schedule.
Supply Schedule

I'm not sure about you, but when I hear the words 'supply schedule,' I immediately think of some sort of calendar telling me when I'm supposed to pick up cleaning supplies or food, canned goods or something. This is not what we're talking about in macroeconomics.

A supply schedule is a table that illustrates how much of a good or service suppliers are willing and able to supply at many different prices. For example, the supply schedule for local bananas sold at the supermarket might look like this:
Supply Schedule for Bananas

Cost Supply
30 cents 500 bananas week
40 cents 600 bananas a week
50 cents 775 bananas a week
60 cents 1000 bananas a week

The supply schedule shows you how the supply changes when you increase or decrease the price. As you can see from this supply schedule, when the price goes from 30 cents to 60 cents, the amount of bananas supplied goes up.

Now, the supply schedule works the same way for services. Let's look at a supply schedule for Bob's Low-Rider Lawn-Cutting services in the neighborhood.

Answer 2

Market Supply Schedule refers to the table showing different quantities of a commodity that all the sellers in the market are ready to sell at the different possible prices of the same commodity.

Example: Suppose there are only two sellers in the market and following shows the market supply schedule:

Price of        Supply of           Supply of             Market Supply

Apples(1)   Supplier 1 (2)        Supplier 2 (3)                  (2+3)

         5                    5                         6                           5 + 6 = 11

         4                   4                         5                           4 + 5 = 9              

         3                   3                         4                            3 + 4 = 7  

         2                   2                         3                            2 + 3 = 5          

          1                  1                          2                            1 + 2 = 3

Learn more about Supply:

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