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Movements along the supply curve
Movements along the supply curve are brought about by changes in the price of the commodity.
When price increases from P1 to P2, quantity supplied increases from Q1 to Q2 and movement along the supply curve is from A to B. Conversely when price falls from P2 to P1, quantity supplied falls from q2 to q1 and movement along the supply curve is from B to A.
Individual and market demand schedule The plan of the possible quantities that will be demanded at different prices by an individual is called Individual demand schedule. Su
The production function of a small shop that frames pictures is Q = 5 √ LK where Q is the number of pictures framed per day, L is labor hours and K is the machine hours.
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