Answer to Question #318619 in Microeconomics for Rahul

Question

What are the supply schedule and the supply curve and how are they related ? Why does the

supply curve slopes upward ?

Answer 1

Answer.

A supply schedule refers to a table showing the quantities and price of each product that is supplied whereas a a supply curve refers to a graph which indicate the the quantity supplied at each price. They relate to each other in a way that one is a tabular representation as the other is a graphical representation of quantities supplied at each price.

The supply curve is always slipping upwards as a result of reflecting the producers willingness to sell the commodities they produce with higher prices.