Individual Supply and Market Supply Assignment Help

Supply - Individual Supply and Market Supply

Individual Supply and Market Supply:

An Individual supply is the quantity of a product an individual firm is willing to offer for sale at a given price and at a given time period when all other supply factors remain unchanged. The market supply, on the other hand, is the total quantity of a product that all firms in an industry are willing to offer for sale at a given market price and at a given time period when all other supply factors remain unchanged. The supply schedule could be used to illustrate this. If we assume that the Amala is produced by only two firms. NICE Ltd, and FINE Ltd. Table 2.4 shows the weekly individual supplies and market supply schedules of Amala. The set of prices (Column 1) and the set of quantities that NICE Ltd. Will supply (column 2) is the individual supply of NICE Ltd. Similarly, the set of prices (column 1) and the set of quantities supplied by FINE Ltd (Column 3) constitute the individual supply of FINE Ltd. The market supply of Amala is the horizontal summation of the individual supplies of NICE Ltd., and FINE Ltd. That is, it is the set of market prices (column 1) and the corresponding set of quantities supplied by both producers (column 4).


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