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Title: Law of supply
Description: Meaning, factor affecting supply, law, movement and shift in supply curve, and causes.
Description: Meaning, factor affecting supply, law, movement and shift in supply curve, and causes.
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# denotes important topic
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Meaning
Supply refers to quantity of commodity offered for sale at given price in a given market at a
given time
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Organization objectives- Maximum profit is goal of every business organization
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In case of lose to firm the supply of commodity is
reduced to save further lose
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Price of substitute- Supply is inversely related to price of substitute
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This is due to fact that rise in price of rice
encourage producer to produce more rice than wheat
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Price of factors of production- With rise in price of factor of production, the cost of
production will rise which result in decrease in supply
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Change in technology- If change in technology or innovative machine bring rise in
production and decrease in cost the supply will rise
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5
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There is
positive relation between price and supply of commodity
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Expected change in price- In case produce expect that there will be rise in cost of
production in future than they reduce the supply
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Natural factor- Supply of entire agriculture product depends on natural resources
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8
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This is major reason why all products are available in urban are and huge shortage of
supply is found in rural area
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Tax policy- Supply will fall if tax is increase and supply increase with reduction of tax
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There is direct and positive relationship between price and
supply
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Extension of supply- When the quantity supplied increase with rise in price, it is called
extension of supply
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2
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In this case the supply curve moves to downward direction
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Shift in curve can be either increase or decrease in supply
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Increase in supply- When due to factor other than price more quantity is supplied at
same price is called increase in supply
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2
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There will be leftward shift in supply curve
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From point A to B
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From point A to C
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Change in objective of firm
2
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Fall in price of factor of production
4
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Emergence of new market
6
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Change in objective of firm
2
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Rise in price of factor of production
4
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Decrease in market
6
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7
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Title: Law of supply
Description: Meaning, factor affecting supply, law, movement and shift in supply curve, and causes.
Description: Meaning, factor affecting supply, law, movement and shift in supply curve, and causes.