Graph the respective curves. We'll plot the quantity on the vertical axis and the price on the horizontal axis to graph the demand and supply curves. The supply curve will have an increasing slope, whereas the demand curve will have a decreasing slope. Plotting the points from the demand and supply schedules will result in a graph of the demand and supply curves. The downward slope of the demand curve shows that as the price rises, less is demanded. The rising slope of the supply curve suggests that as the price rises, so does the amount supplied. Demand Curve: QD = 480 - 20P is the demand function. It can now be expressed as P = 24 - 0.05QD. Taking the above as the base we can plot the demand curve and supply curve. Can I see this explanation on an actual graph
b. Graph the respective curves. We'll plot the quantity on the vertical axis and the
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 1 images
