Supply schedule
Topic: Theory of the Firm, Supply and Perfect Competition · NCERT: Class 9, Ch 9 "The Price Puzzle: What Drives the Market"; Class 12, Ch 4 "The Theory of the Firm under Perfect Competition"
Meaning
A supply schedule is a table that shows the quantities a firm sells at various prices, with technology and factor (input) prices unchanged. It is the table form of the supply curve. When the schedule is plotted with price on the y-axis and quantity on the x-axis, it gives the supply curve. It usually shows the law of supply: a higher price means a higher quantity supplied.
Example
A mango seller's supply schedule:
| Price (₹/kg) | Quantity supplied (kg) |
|---|---|
| 50 | 1 |
| 100 | 2 |
| 150 | 3 |
Don't confuse with
- Supply curve: this is the same information drawn as a graph instead of written as a table.
- Market supply schedule: this adds up the quantities of all sellers at each price, not just one seller's quantities.
Related concepts
- Supply
- Supply curve
- Short run supply curve of a firm
- Long run supply curve of a firm
- Shutdown point
- Break-even point