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What is the difference between supply and quantity supplied of a product, say milk? Explain in words and show the difference on a graph with the supply curve for milk.
What is the difference between supply and quantity supplied of a product, say milk? Explain in words and show the difference on a graph with the supply curve for milk.
Retselisitsoe PokothoaneLv10
9 Nov 2020
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Related questions
Given below is the Supply Schedule of Nestle Milk per liter.
| Price of milk per liter | Quantity supplied (thousands) |
| 100 | 100 |
| 200 | 200 |
| 300 | 300 |
| 400 | 400 |
Use the above data to illustrate the supply curve in a graph with complete labels.
Assume Rs. 200 is the original price of milk per liter and 200,000 liters is the original quantity of supply. Suppose the price rises from Rs. 200 to Rs. 300, what will be the amount of Quantity Supplied? Illustrate the impact on the graph.
Is this a movement along the supply curve or a shift of the curve?
