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A Study on Supply

            What is the relationship between Supply and Price?.
             When we look at the question stated above we must first study what the usual relationship is between Supply and Price, then why this is so and then we will look at some exceptions for the law of supply. Supply can be defined as follows; "The quantity of a product that a business will offer at a given price".
             The usual relationship between Supply and Price.
             The graph above clearly shows the usual relationship between supply and price. If the price goes up, more of an item will be produced. In a table you would see that at an increase of one unit in price the quantity supplied would increase by +- 18. This is called an extension of supply. To do the same thing but then looking at the difference in supply when lowering the price is called contraction of supply.
             .
             Perfectly elastic supply & perfectly inelastic supply.
             Perfectly elastic supply and perfectly inelastic supply are the two extremes when you are looking at the law of supply. Perfectly elastic supply means that the price is fixed and that supply is infinite at that price only. At other prices there is no supply. This means that the price elasticity of supply = ∞ or infinite! A perfectly elastic supply graph is shown on the left.
             A perfectly inelastic supply curve is shown on the right. This means that no matter the price supply will stay the same, in formula form; PES=0 This supply curve could be that of a stadium selling tennis tickets. No matter how high the price is the amount of seats in the stadium won't change.
             Shifts in supply.
             You must be careful when talking about changes in supply. A change in supply is NOT a shift of the supply graph, it IS a movement along the line. When we look at a shift in supple we look at changes in supply that are cause by non-price determinants (e.g. taxes).
             .
             A SHIFT in supply.
             The graph above could illustrate what would happen to the supply if the cost of resources would decrease.


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