What is the meaning of “supply functions”? (in economics)?

Supply function = supply curve

A graph sloping upward to the right with quantity supplied on the horizontal axis and price on the vertical axis. The function shows that the higher the price the more that will be supplied.

Sorry, even after studying Economics at Uni, I am unfamiliar with this term. I look forward to coming back to see if you get an answer to this one.

Definition Of Supply In Economics

In economics, supply and demand describe market relations between prospective sellers and buyers of a good. The supply and demand model determines price and quantity sold in the market. The model is fundamental in microeconomic analysis of buyers and sellers and of their interactions in a market. It is also used as a point of departure for other economic models and theories. The model predicts that in a competitive market, price will function to equalize the quantity demanded by consumers and the quantity supplied by producers, resulting in an economic equilibrium of price and quantity.

A supply function is a behavior function for producers. Supply function is a relation between supply and all factors influencing its level.

Ceteris paribus is a Latin phrase, literally translated as “with other things [being] the same,” and usually rendered in English as “all other things being equal.” A prediction, or a statement about causal or logical connections between two states of affairs, is qualified by ceteris paribus in order to acknowledge, and to rule out, the possibility of other factors which could override the relationship between the antecedent and the consequent.

In economics, they are employed to simplify the formulation and description of economic outcomes. For example, it can be predicted that if the price of beef decreases — ceteris paribus — the quantity of beef demanded by buyers will increase. In this example, the clause is used to operationally describe the relationship between both the price and the quantity demanded of an ordinary good.

This operational description intentionally ignores both known and unknown factors that may also influence the relationship between price and quantity demanded. Such factors include: the relative change in price of substitute goods, (e.g., the price of beef vs pork or lamb); the level of risk aversion among buyers (e.g., fear of mad cow disease); or the level of overall demand for a good regardless of its current price level (e.g., a societal shift toward vegetarianism).

Supply is defined as the “amount of a good or service producers are willing and able to produce at a given price” Hence it is how much is supplied by ALL suppliers.