20.             OUT PUT
1.      Meaning
Out put refers to the total production of particular commodity during a given period of time.

2.      Equation
Output can be expressed as O = f (I).

3.      Dependence
Out put depends upon the level of investment, and other factors of production.

4.      Basis
Total output forms the basis of stock and supply of the seller.

Supply refers to the quantity of a commodity offered for sale at a given price and at a given time and place.

Supply can be expressed as S = f (stock).

Supply depends upon the level of stock and the price.

Total Supply forms the basis of quantity offered for sale in the market.