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Magazine Chapter 3: Q 21. (page 78)
What is the difference between the supply and the quantity supplied of a product, say milk? Explain in words and show the difference on a graph with the
supply curve for milk.
Short Answer
1
Step by step solution
Step 1. Define supply.
The total amount of a certain commodity or service available to consumers is described by supply, which is a fundamental economic notion.
Step 2. Difference between the supply andthe quantity supplied of a product, say milk.
The relationship between different milk prices and the quantity supplied at those prices is known as supply of milk.
The quantity of a commodity delivered, in this case milk, refers to a specific point on the supply curve of a milk.
Step 3. Show the difference on a graph with the supply curve for milk.
The upward sloping supply curve, which represents the quantity of milk provided at various price levels, is depicted in the diagram below.
The axis denotes different price levels, while the axis shows the quantity given at these prices, as seen in the diagram.
The supply curve for milk shows a positive association between various price ranges and the quantity delivered at those prices.
Quantity supplied is represented by points on the supply curve.
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