Law of Supply Assignment Help

Law of Supply Assignment Help
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Law of Supply Assignment Help Service

Assignments play a very significant role in a student’s life when it comes to fetching marks. However, due to a large number of assignments and limited time, many of us find it difficult to manage them. This results in numerous mistakes in formats and content in the assignment that poses a hurdle in getting high grades. But now, you need not worry because now with BookMyEssay, you can get Law of Supply assignment help from experts. Moreover, we offer you well elaborated, authentic and error free law of supply case study assignment service at reasonable prices. Thus, we help you in accumulating best grades without any extra burden on your pockets.

What is the Law of Supply?

Law of supply is one of the most fundamental but important laws of economics which states that “For every increase (or decrease) in the price of a commodity, there is a simultaneous increase (or decrease) in the supply of that commodity, provided that other factors affecting the supply are kept constant”.

This law can be understood by simply plotting a graph with supply quantity on the horizontal axis while keeping the price of the commodity on the vertical axis. Now if we mark various combinations of supply quantity and its price on this coordinate plane and then join these points, we would obtain a curve with a positive slope which depicts the proportionality between the price and supply of a certain commodity.

Law of supply assignment is generally assigned so that the student can understand the various factors associated with it as explained below.

  • The significance of the positive slope of the supply curve: The positive slope of the curve signifies an increase in the profit that is definite to increase with an increase in the supply, increase in the investment on production and a future expectancy of increase in demand of the commodity.
  • Assumptions made in the law:
    1. No change in prices of substitutes
    2. Price of capital goods remain same
    3. Cost of production must not change
    4. The technology used must be the same
    5. Climate remains consistent
    6. No changes must be there in political situations
    7. Tax policies are not changed

Difference Between Supply and Quantity Supplied- Information that is Often Skipped:

Many of the students commit a common mistake by thinking that with respect to a quantity, the supply and quantity supplied are the same. However, it is a big gaffe. The law of supply assignment help makes sure that the homework are free from such mistakes that are frequently ignored and fetch lesser grades to students without the students even realizing as to why?

In the terminology of economics, by referring to the supply, we refer to the quantity of a well-supplied corresponding to a certain price. It can easily be represented by the supply curve or plot. Thus, supply is relative to the price of the commodity. However, while mentioning the quantity supplied an economist refers to a certain amount of good supplied at some point on the supply curve or plot.

Hence, to conclude we can say that a supply gives us the complete curve while the quantity supplied gives a point on this curve.

Advantages of the Law Of Supply:

The law of supply helps us to correlate to most significant terms in economics, which are, price and the supply. In the modern economics, it plays the role of the backbone for further studies and discussions. It provides a clear and practical understanding of the market in terms of the flow of goods and their corresponding prices. As we all know that economics has grown to be a complex subject in the modern day society and detailed and prolific understanding of it is not possible without knowing it fundamentals one of which is the law of supply. Law of supply assignment help aims at providing you the necessary assignment assistance in your deep-rooted understandings of the topic and also the subject.

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