Yukthi Singh − Profile

Supply of a commodity refers to the quantities of a commodity which producers or sellers are willing to produce and offer for sale at various prices where as elasticity of supply measures the degree of responsiveness of quantity supplied of a commodity to a change in its price.

Single Seller- It is the case of one firm or producer controlling the supply of the product. 

Single Buyer- Monopsony is a market structure where there is only one buyer of a commodity, service or input. It is a case of only one firm purchasing the entire product or factor service.

A short run production function refers to a situation when only one input is variable and all other inputs are assumed to be constant, 

In short run we study the effect of change in the quantity of one input on total output. In long run production function we study the output when all inputs used in the production of a commodity are changed simultaneously and in the same proportion.

Ex ante demans refers to the amoount of goods and services that consumers want to or are willing to buy during a particular period of time.

Ex post demand refers to the amount of goods and services that the consumers actually purchase during a specific period.