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SS2: ECONOMICS - 1ST TERM
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Basic Tools for Economic Analysis I | Week 15 Topics
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Basic Tools for Economic Analysis II | Week 23 Topics|1 Quiz
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Theory of Demand | Week 34 Topics|1 Quiz
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Theory of Supply | Week 44 Topics|1 Quiz
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Theory of Production Possibility Curve I | Week 51 Topic
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Theory of Production Possibility Curve II | Week 64 Topics|1 Quiz
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Theory of Cost I | Week 72 Topics
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Theory of Cost II | Week 83 Topics|1 Quiz
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Revenue Concept | Week 92 Topics|1 Quiz
Lesson 4,
Topic 3
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Types of Supply
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Topic Content:
- Types of Supply
- Joint/Complementary Supply
- Competitive Supply
- Composite Supply
1. Joint/Complementary Supply:
This is the type of supply that occurs when two or more commodities are produced and supplied from one source/raw material.
An increase in the production and supply of one commodity will automatically bring about an increase, in the production and supply of the other commodities, that are produced from the same source.
For example,
- An increase in the production or supply of cassava will lead to an increase in the production of garri, starch, and cassava flour.
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