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Theory of Supply

8 Lessons 12 mins

Topics:

a. i. Meaning and determinants of supply
ii. Supply schedules and supply curves
iii. the distinction between change in quantity supplied and change in supply

b. Types of Supply: Joint/complementary, competitive and composite

c. Elasticity of Supply: determinants, measurements, nature and applications

Objectives:

Candidates should be able to:

(i) identify the factors determining supply;
(ii) interpret supply curves from supply schedules;
(iii) differentiate between change in quantity supplied and change in supply;
(iv) compare the various types of supply and their interrelationships;
(v) relate the determinants to the nature of elasticity;
(vi) compute elasticity coefficients;
(vii) interpret the coefficients in relation to real live situations.

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