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n, which represents an individual seller’s supply function: Equation (7) Qsx=f(Px,W,…) where Qsx is the quantity supplied of some good X, such as gasoline, P x is the price per unit of good X, and W is <span>the wage rate of labor in, say, dollars per hour. It would be read, “The quantity supplied of good X depends on (is a function of) the price of X (its “own” price), the wage rate paid to labor, etc.” </

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3.3. The Supply Function and the Supply Curve
that must be purchased in the labor market. The price of an hour of labor is the wage rate, or W. Hence, we can say that (for any given level of technology) the willingness to supply a good depends on the price of that good and the wage rate. <span>This concept is captured in the following equation, which represents an individual seller’s supply function: Equation (7) Qsx=f(Px,W,…) where Qsx is the quantity supplied of some good X, such as gasoline, P x is the price per unit of good X, and W is the wage rate of labor in, say, dollars per hour. It would be read, “The quantity supplied of good X depends on (is a function of) the price of X (its “own” price), the wage rate paid to labor, etc.” Just as with the demand function, we can consider a simple hypothetical example of a seller’s supply function. As mentioned earlier, economists often will simplify their an

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