Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Hello! I am a little lost on how or why on some of the info in the graph of the answer .... How do i know where to place P, Q, and E?
Expert Solution
Step 1
In the principles of economics by Alfred Marshall, the price (P) is measured in vertical axis and quantity (Q) is measured in horizontal axis. So, it is a conventional method of drawing graph.
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