Question

Suppose the demand and the supply curves for a product are described by the following equations 2

Qd = 50 – 2P

Qs = -6 + 6P

Graph both equations for P = 0 1 2 3 4 5 6 7 8 9 10 on the same graph

Note: (a) Create demand and supply schedules

(b) For the purpose of tradition, let P be on the “Y axis” and Q on the “X axis”.

(c) Use a graph paper

Answer 1