A graphical representation of the relation back between the total price and amount supplied, holding all ceteris paribus total determinants constant. A offer curve graphically illustrates the legal philosophy of go forth, the direct relation between supply price and measure supplied for a particular good. It is one half of the standard grocery model. A demand curve is the other half.
A supply curve is a useful graph that can iterate several of the more important aspects of supply. It graphically illustrates the law of nature of supply and when combined with the demand curve forms the market model, one of the about useful tools found in economic analysis.
Plotting the Numbers
A supply curve is commonly derived from a simple supply schedule, such as the one for stuffed Yellow Tarantulas, a cute and lovable stuffed creature from the Wacky Willy Stuffed Amigos line of collectibles, shown in this exhibit. This schedule illustrates the law of supply relation between supply price and quantity supplied. As the supply price increases from $5 to $50, the quantity supplied increases from 0 to 900 Yellow Tarantulas.
Supply Schedule| Supply Curve|
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Transferring the price-quantity pairs from the supply schedule to a graph break aways the supply curve for stuffed Yellow Tarantulas. This task is easily accomplished by clicking the [Plot] button. A $5 price is associated with 0 stuffed animals, a $10 price goes with 100 stuffed animals, and on it proceeds, until finally a $50 price is paired with 900 stuffed animals.
The supply curve is finalized by connecting these 10 points with a continuous line. The 10 prices corresponding to these 10 points, ar but 10 of an infinite number of prices, each with a corresponding quantity. A continuous line includes these other possibilities. To reveal this line, click the [Draw] button. The end result is the supply curve.
What It All Means
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