What is C in QS C dP?
The supply function can be written in the form of an equation Qs = c + dP Where Qs is quantity suppliedC = the level of supply independent of priceP = the market price of the productd is the coefficient of priceSupply for Product X = 10 + 2(P) If the market price is £20, then Qs= 10 + 20 = 30 units.
What are the 7 determinants of demand?
- Price of product. The single-most impactful factor on a product’s demand is the price.
- Tastes and preferences. Consumer tastes and preferences have a direct impact on the demand for consumer goods.
- Consumer’s income.
- Availability of substitutes.
- Number of consumers in the market.
- Consumer’s expectations.
- Elasticity vs.
What is linear supply curve?
Linear Supply curve
A linear supply curve can be plotted using a simple equation P. = a + bS. a = plots the starting point of the supply curve on the Y-axis intercept. b = slope of the supply curve.