Question

Explain the following term:

Individual Supply Schedule

Explain the supply schedule.

Answer 1

A supply schedule is a tabular representation that shows the different quantities of a commodity that a seller is willing to supply at various prices during a given period of time. It helps to understand the relationship between the price of a commodity and the quantity supplied.

There are two types of supply schedules:

1. Individual Supply Schedule: Shows the quantity of a commodity that one individual seller is willing to supply at different prices.
2. Market Supply Schedule: Shows the total quantity of a commodity that all sellers in the market are willing to supply at different prices.

The supply schedule is based on the Law of Supply, which states that other things remaining constant, the quantity supplied of a commodity increases when its price increases and decreases when its price falls.

Price per unit (₹)	Quantity Supplied (units)
10	100
20	200
30	300
40	400