Fisheries Economics

Exercise-1

1. Estimate the demand function for the following data:

S.No.	QUANTITY DEMANDED (kg)	Px	Py	I
1. 2. 3. 4. 5.	5 10 15 20 25	100 90 80 70 60	90 80 75 50 45	10,000 125000 150000 175000 200000

SUPPLY:

Supply is defined as the quantity of a commodity offered for sale at a specific price in a market per unit of time.

LAW OF SUPPLY:

When the price of a good increases, its supply also increases and vice versa.

SUPPLY FUNCTION:

It means the determinants of supply. It identifies those variables which influence supply. A supply function may be specified as follows:

S= f (X₁, X₂, X₃)

where,

S=supply

X₁=Price of good

X₂=Price of substitute good