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Determinants of supply
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The price Cost of factors of production The state of technology Tax & subsidy Factors outside economic sphere Supply function : Mathematical or functional relationship between supply and its determinants. Supply schedule: Tabular relationship between the supply of a commodity at different prices over a given period of time.
the supply of a commodity expands with a rise in price and contracts with a fall in price.
Cost of production is unchanged No change in technique of production Fixed scale of production Government policies are unchanged No change in transport cost No speculation The prices of other goods held constant