Ans: A commodity’s supply refers to the total value of specific service or goods that the producer willingly sells, corresponding to the different price possibilities of the commodity at the given point of time. Supply might refer to anything related to demand that gets sold in some competitive market, but it mostly refers to the labour, services, and goods. The price of a good is the major factor affecting the supply. Thus, if the price of goods increases, its supply will also rise.A supply schedule, also known as the supply function, is the mathematical representation of supplies of total goods and other factors helping in determining the supply.Qd = f(Px, Y, COP, C, T, Inp, …)The major determining factors in a supply function are as follows:Px – The cost of the productY – The consumer’s incomeCOP – Cost of productionC – Number of sellers OR total competitionT – TaxInp – Production’s input