The Supply Curve
- The supply curve is a representation between the price of a product and the quantity that is supplied
- Price is on the y axis, quantity supplied is on the x.
- The data for which a supply curve is derives is taken from a supply schedule
- This is a data set which shows how much of a product is likely to be supplied over a range of prices
Obtaining this data is easier than for a demand schedule, as
- Here we have assumed that there is only one supplier of self-catering holidays to Ibiza in June
- In other words, the supply curve is also the market supply curve
- If there is more than one supplier, the market supply curve is the sum of the individual supply curves of all producers.