Microeconomics,, 16th Canadian Edition

(Sean Pound) #1

Figure 3-5 The Supply of Apples


Short-Run Supply Curves


The general relationship just discussed can be illustrated by a supply
schedule which shows the relationship between quantity supplied of a
product and the price of the product, other things being equal. The table
in Figure 3-5 presents a hypothetical supply schedule for apples. A
supply curve , the graphical representation of the supply schedule, is
also illustrated in Figure 3-5. Each point on the supply curve represents
a specific price–quantity combination; however, the whole curve shows
something more.


Both the table and the graph show the quantities that producers want to
sell at various prices, ceteris paribus. For example, row w indicates that if
the price of apples were $60 per bushel, producers would want to sell 65
000 bushels per year. The supply curve, labelled S, relates quantity of





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