Supply as a Function of Price
This functional relationship can be put in the form of an equal ion Qx = F (Px). This means that the quan tity supplied of good X varies directly with its price, That i, if the price of X goes up, its supply would increase, and vice versa, In other words the quantity supplied changes in the same direction as the price of the good concerned. That is, there is a direct functional relationship between a change in the price of a good and change in its quantity upplied. It leads to the law of upward sloping SUI ply . However, direct relationship between price and quantity supplied is consistent hut it is not irrefutable srncc there arc some exception. Some factors other than mere change in price may determine the supply of a commodity c.g. change in tastes, weather, fashion, etc.
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