How is the supply of commodity affected by an increase in price of oth

1.	How is the supply of commodity affected by an increase in price of other related goods.Explain?
Answer» Answer: On the other hand, an INCREASE in price of any input used in PRODUCTION of a commodity increases cost of production per unit and decreases supply of the commodity. (iv) Price of other related GOODS: Supply of a commodity is also INFLUENCED by the price of other related goods. good LUCK

How is the supply of commodity affected by an increase in price of other related goods.Explain?

Answer»

Answer:

On the other hand, an INCREASE in price of any input used in PRODUCTION of a commodity increases cost of production per unit and decreases supply of the commodity. (iv) Price of other related GOODS: Supply of a commodity is also INFLUENCED by the price of other related goods.

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How is the supply of commodity affected by an increase in price of other related goods.Explain?

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