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Here is the quantity supplied example to explain the concept further: Let us assume Apple manufactures 500 iPhones at $30,000 per piece per week to cater to the customer's demand. Its competitor decides to increase the price to $35,000 to increase profits. If Apple wants to earn more profits, it can do two things - either increase the selling price or increase the supply of iPhones.
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BetaThe quantity supplied is a term used in economics to describe the number of goods or services that are supplied at a given market price. ... Example of Quantity Supplied .
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BetaFor example, Samsung's market supply of TV sets does not represent the complete available stock. It is the quantity that Samsung is prepared to sell in the market. The supply for a commodity is always expressed in terms of price. It is because, if the price of a commodity changes, the amount supplied may as well change. ... Quantity supplied is show on the Y-axis and Price is shown on the X-axis. When the price rises from ₹10 to ₹15, the quantity supplied expands from 150 units to 250 ...
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BetaQuantity supplied is an important concept in economics because it helps to explain how markets work. It is closely related to the concept of supply and demand since it describes the amount of a good or service that a producer is willing to supply at a certain price. Thus, it is an important factor in determining the equilibrium price and ...
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BetaDefinition: Quantity supplied is an economic measurement of the amount of finished goods and services that supplies are willing to produce and sell in the market at a given price.This amount varies at different price levels, but typically the higher the price, the more likely producers are willing to provide goods and services to consumers.
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BetaTypically a time period is also given when describing quantity supplied For example: When the price of an orange is 65 cents the quantity supplied is 300 oranges a week. If the price of copper falls from $1.75/lb to $1.65/lb, the quantity supplied by a mining company will fall from 45 tons a day to 42 tons a day.
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BetaQuantity Supplied Examples. Think about a company that sells cars, Green's Auto Sales. As summer approaches, the automaker's rivals have been hiking prices. So as opposed to the prior average selling price of $20,000, the average car in their market now sells for $25,000. To maximize revenues, Green decides to increase its car supply. Before the summer, it was generating $2 million in revenue by selling 100 automobiles each month.
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BetaQuantity supplied is the volume of goods or services produced and sold by businesses at a particular market price. A fluctuation in the price level leads to a change in the quantity supplied. The fluctuation is called the price elasticity of supply. ... An example of a product substitute is corn and soybeans as they utilize the same resource for poduction (farmland). If the price of corn decreases, farmers will grow more soybeans, and more land is available to grow soybeans. ...
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BetaThis example illustrates how quantity supplied is a dynamic aspect influenced by external factors. Difference between supply and quantity supplied. Understanding the distinction between supply and quantity supplied is essential. While supply encompasses the entire supply curve, quantity supplied refers to the specific quantity available at a given price point.
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BetaLet us look at a few examples to clarify the concept. Example # 1. In July 2023, India's abrupt export ban on non-basmati white rice and broken rice, affecting almost half of all Indian rice exports, caused substantial worldwide supply disruptions.As the leading rice exporter responsible for approximately 20 million tons in 2022, India's suspension of exports holds significant importance.
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