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Three-year-old Ceres is playing with her toy farm.She has 15 cows,3 pigs,and 2 horses.When her older brother asks whether there are more cows or more animals,she happily yells out,"more cows!" Ceres has not yet mastered the concept of
Supply Function
A mathematical expression that shows the relationship between the quantity of a good or service that producers are willing to sell and the price of the good or service.
Factor Price
The price of inputs used in the production of goods and services, such as labor wages or the cost of raw materials.
Production Function
An equation outlining how inputs translate into the output for an organization, a specific industry, or the economy at large for all potential input pairings.
Supply Function
A mathematical equation that describes the quantity of a good that producers are willing to sell at different prices.
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