What is Supply Schedule
Supply schedule is a tabular representation of the various quantities of commodities that are supplied by a supplier at different price levels over a period of time.
Supply schedule shows the relationship between the price of goods and the quantity of goods supplied. It can also be said that supply schedule is a representation of the law of supply in a tabular form.
The law of supply states that with fall in the price of commodity, there will be a decrease in the supply and similarly, when the price of a commodity rises, it will result in an increase in the supply of goods in the market, keeping all the other factors constant.
Types of Supply Schedule
Similar to the demand schedule, there are two types of supply schedule, which are
1. Individual Supply Schedule
2. Market Supply Schedule
Let us know more about the types of supply schedules in the following lines.
Individual Supply Schedule: Individual supply schedule is a tabular statement of the various quantities of product that is supplied by an individual or a firm at various price levels over a period of time, with all other factors being constant.
Market Supply Schedule: Market supply schedule is a tabular statement of the various quantities of the product that all the suppliers in the market are willing to supply at various price levels during a specific time period.
A market will be full of suppliers who will be supplying a particular commodity and all of these suppliers will be having their individual supply schedules. Therefore, the market supply schedule is a sum total of all the individual supply schedules of the suppliers of the market.
Market Supply Schedule can be represented as
Sm = SA + SB + …………….
Where Sm = Market Supply Schedule
SA = Individual Supplier A
SB = Individual Supplier B
This was all about the topic of Supply Schedule, which is an important topic of Economics for Commerce students. For more such interesting articles, stay tuned to BYJU’S.
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