what is supply? explain the effect of technological progress on supply of a good ?

 

supply of a commodity by a firm refers to the quantity of commodity which a firm is willing and able to offer for sale at a given price during a given period of time.
the supply curve of the good will shift to the right as new technique of production reduces the marginal cost of producing that good. because when marginal cost reduces , profit margin for the firm will increase. this will induce the producer to increase the supply of that good . therefore, he will increase the supply at the same price.
  • 10
supply refers to various quantities of a commodity that producers wish to sell at different possible price of the commodity at a point of time.
improvement in the technology of production reduces cost of production . consequently ,more of the commoodity is supplied at existing price 
  • -2
erty
  • 1
Supply refers to the quantity of a commodity that a producer is willing is able to produce in a given period of time.
Effect of technological progress:-
Due to upgradation of technology the supply curve will shift rightward as the cost of production will decrease and hence the profit will increase.
  • 3
Supply refers to the quantity of a commodity that a producer is willing is able to produce in a given period of time🕙. Effect of technological progress:-🔥 Due to upgradation of technology the supply curve will shift rightward as the cost of production will decrease and the profit will increase.
  • 4
What are you looking for?