Change in Supply | Change in Quantity Supplied | |
Meaning | When supply due to the change in all other variables other than the price of a good (i.e. price of the good remains same), then it is referred as change in supply. | When supply changes due to change in the price of goods only, assuming other determinants remaining unchanged, then it is referred as change in quantity supplied. |
Functions | It is represented as Qx=f(¯Px,Py,Pi,T,G,GF,NF) | It is represented as Qx=f(Px,¯Py,¯T,¯Pi,¯G,¯Gf,¯NF) |
Shifts & Movements | It results in a shift in the supply curve of the firm which can be rightwards or leftwards. | It results in a movement of the supply curve of the firm which can be upward or downward. |
Types: | The following are its types: 1) Increase in Supply 2) Decrease in Supply | The following are its types: 1) Expansion of Supply 2) Contraction of Supply |
Diagram: | (Ref. Image 1) | (Ref. Image 2) |