CA Foundation Exam > CA Foundation Videos > Business Economics for CA Foundation > Determinants of Supply
Determinants of Supply Video Lecture | Business Economics for CA Foundation
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FAQs on Determinants of Supply Video Lecture - Business Economics for CA Foundation
| 1. What are the determinants of supply in economics? |  |
Ans. The determinants of supply in economics refer to the factors that influence the quantity of a product or service that producers are willing to supply at a given price. Some of the key determinants include the cost of production, technology, resource availability, government regulations, and expectations of future prices.
| 2. How does the cost of production impact the supply of goods? | |
Ans. The cost of production plays a significant role in determining the supply of goods. When the cost of production increases, such as higher wages or raw material costs, producers may choose to supply less at a given price, leading to a decrease in supply. Conversely, if the cost of production decreases, producers may be willing to supply more at a given price, resulting in an increase in supply.
| 3. What role does technology play in determining supply? | |
Ans. Technology can have a substantial impact on the supply of goods. Advancements in technology can lead to increased productivity and efficiency in production processes, which can lower costs and enable producers to supply more goods at a given price. On the other hand, outdated technology or lack of technological advancements may limit the supply capacity of producers.
| 4. How do government regulations affect the supply of goods? | |
Ans. Government regulations can impact the supply of goods in various ways. For instance, regulations related to taxes, permits, or licensing requirements can increase the cost of production, leading to a decrease in supply. Similarly, regulations on imports or exports can restrict the availability of certain goods, affecting their supply. Additionally, regulations that promote or discourage certain industries or practices can also influence supply.
| 5. Why do expectations of future prices affect the supply of goods? | |
Ans. Expectations of future prices play a crucial role in the supply of goods. If producers anticipate that the prices of goods will increase in the future, they may choose to reduce their current supply to take advantage of higher future profits. Conversely, if producers expect prices to decline, they may increase their current supply to avoid potential losses. Therefore, expectations of future prices can impact the supply decisions of producers.
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Nov 16, 2024 Last updated |
Video Description: Determinants of Supply for CA Foundation 2024 is part of Business Economics for CA Foundation preparation.
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