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Theory of Supply

8 Lessons 12 mins


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


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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