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Firm and industry supply schedules
The plan or table of possible quantities that will be offered for sale at different prices by individual firms for a commodity is called supply schedule.
Price Per Unit Quantity offered for
(KShs) Sales per month (in '000)
20 10
25 20
30 30
35 40
40 50
45 60
50 70
Table : The Firm Supply Schedule
Theoretically the supply schedules of all firms within the industry can be combined to form the market or industry supply schedule, representing the total supply for that commodity at various prices.
Price per unit Quantity offered for
20 80
25 120
30 160
35 200
40 240
45 285
50 320
These prices are called the supply prices.
Discuss the determinants of price elasticity of demand
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