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Determinants of Supply

Prices of Resources

❶When the price of hockey sticks increases, the firm will produce more hockey sticks and less cricket bats. This article will provide you with the explanations

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Elements besides price which determine the available amount of a product or service. Examples of determinants of supply in a business consist of the price of raw material, production costs, taxes and duties, subsidies and any other factor relating to the end supply of a good or service.

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A decrease in petrol price will lead to more frequent use of cars that will increase the demand for petrol and engine oil, its complements. [ See Non Price Determinants Of Supply] Related Posts.

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Determinants of supply are the factors that affect the supply of a product or service and that cause a shift in the supply curve. However, these factors are held constant (according to the law of supply) to alleviate the effect of the law of supply especially with relation with quantity supplied and the supply price. Price. The law of demand states that when prices rise, the quantity of demand falls. That also means that when prices drop, demand will grow. People base their purchasing decisions on price if all other things are equal. The exact quantity bought for each price level is described in the demand schedule.

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Non-Price Determinants of Supply. Changes in Production Technology. Changes in the Cost of Factor Inputs (Resources). Changes in the Number of Sellers in the Market. Changes in the Expectations of Future Prices. Changes in the Prices of Related Substitute Goods, and By-products. Sep 27,  · The non-price determinants of supply are taxes & subsidies, technology, number of seller, price of other products, expectations and resources. Taxes and subsidies relate to the cost of factors of production and if the taxes were to.