0
Why you put price on y axis and quantity demanded on x axis in economics?
Wiki User
∙ 11y ago
Price and quantity demanded are both interdependent: there is not an independent variable. From that point of view, there is no reason to put one variable on the x-axis rather than the other.
However, putting price on the horizontal axis makes it simpler to add the supply curve on the same chart, and then study the market equilibrium.
Price and quantity demanded are both interdependent: there is not an independent variable. From that point of view, there is no reason to put one variable on the x-axis rather than the other.
However, putting price on the horizontal axis makes it simpler to add the supply curve on the same chart, and then study the market equilibrium.
Price and quantity demanded are both interdependent: there is not an independent variable. From that point of view, there is no reason to put one variable on the x-axis rather than the other.
However, putting price on the horizontal axis makes it simpler to add the supply curve on the same chart, and then study the market equilibrium.
Price and quantity demanded are both interdependent: there is not an independent variable. From that point of view, there is no reason to put one variable on the x-axis rather than the other.
However, putting price on the horizontal axis makes it simpler to add the supply curve on the same chart, and then study the market equilibrium.
Wiki User
∙ 11y ago
Wiki User
∙ 11y agoPrice and quantity demanded are both interdependent: there is not an independent variable. From that point of view, there is no reason to put one variable on the x-axis rather than the other.
However, putting price on the horizontal axis makes it simpler to add the supply curve on the same chart, and then study the market equilibrium.
Add your answer:
Earn +20 pts
Will the value of vector quantity change if reference axis are changed?
no.
Given the function below what is the value of the discriminant and how many times does the graph of this function intersect or touch the x-axis?
Discriminant = 116; Graph crosses the x-axis two times
What does y axis mean?
The y-axis is the vertical axis on a graph.
The point were x axis and the y axis intersect on a grid?
The origin is where x axis and y axis intersect.
Where is x axis and y axis on a graph?
The y axis is going up on the graph and the x axis is going sideways on the graph
What are the different types of demand in economics?
what is demand curve is a graphic representation of the relationship between product price and the quantity of the product demanded. It is drawn with price on the vertical axis of the graph and quantity demanded on the horizontal axis
What does the p and q stand for on the axis of a demand graph?
Economics: P= Price and Q = Quantity Demanded.
When Quantity demanded is dependent on price then why independent variable price is on y axis in graph?
price is dependent or independent?quantity
What happens when quantity demanded exceeds quantity supplied?
Graphically, the Y axis is price and the X axis is quantity. The demand curve slopes downward, while the supply curve slopes upward. When quantity demanded exceeds quantity supplied the market is out of equilibrium. As a result, the price of goods increases, thereby decreasing the quantity demanded. This is characterized as a move up along the demand curve and not a shift. Changes in endogenous variables, ie price and quantity, are just movements along the curve.
What happen when quantity supplied exceeds quantity demanded?
Graphically, the Y axis is price and the X axis is quantity. The demand curve slopes downward, while the supply curve slopes upward. When quantity demanded exceeds quantity supplied the market is out of equilibrium. As a result, the price of goods increases, thereby decreasing the quantity demanded. This is characterized as a move up along the demand curve and not a shift. Changes in endogenous variables, ie price and quantity, are just movements along the curve.
What happens when quantity supply exceeds quantity demand?
Graphically, the Y axis is price and the X axis is quantity. The demand curve slopes downward, while the supply curve slopes upward. When quantity demanded exceeds quantity supplied the market is out of equilibrium. As a result, the price of goods increases, thereby decreasing the quantity demanded. This is characterized as a move up along the demand curve and not a shift. Changes in endogenous variables, ie price and quantity, are just movements along the curve.
What is the shape of demand curve in monopoly?
The demand curve is downwards sloping with price on the vertical axis and quantity demanded on the horizontal axis. This is because as products get more expensive the quantity demanded decreases, other things being equal. Put another way, there is a negative correlation between price and quantity demanded.
State the law of demand with the help of diagram and schedule?
Law of demand is the higher the price, the less quantity is demanded. Price is on y (verticle axis) and quantity is on x axis (horizontal axis). Supply curve (curve in this case is a straight line) starts from origin, increases on a 45deg angle, Demand curve starts from high price/low quantity to low price, high quantity. Draw a table with demand column and price column, and a price increases, demand decreases.
Explain the difference between price consumption curve and a demand curve?
A price consumption curve identifies the utility maximizing combinations of two goods as the price of one of the goods changes. When the price of one of the goods declines, the budget line will pivot outwards, and a new utility maximizing bundle will be chosen. The price consumption curve connects all such bundles. A demand curve is a graphical relationship between the price of a good and the (utility maximizing) quantity demanded of a good, all else the same. Price is plotted on the vertical axis and quantity demanded on the horizontal axis.
What are demand schedule and the demand curve?
A Demand Schedule is a table listing quantities demanded of a good at different pricesFor Example;Price ($) | Quantity Demanded (Units)1 102 93 84 7etc.A Demand Curve displays the information from a Demand Schedule.The Price is on the Y-axis, and the Quantity Demanded is on the X-axis, you just plot the points given , i.e. (10,1) , (9,2)In reality the Demand Curve is an actual curve, but for basic examples the "Curve" is a straight downward sloping line from left to right, for the above example.
Explain the difference between elasticity of demand and the slope of a demand curve?
The demand curve is drawn with price on the vertical axis and quantity demanded on the horizontal axis. Mathematically, the slope of a curve is represented by rise over run, or the change in the variable on the vertical axis divided by the change in the variable on the horizontal axis. Therefore, the slope of the demand curve represents change in price divided by change in quantity. Elasticity, on the other hand, aims to quantify the responsiveness of demand and supply to changes in price, income, or other determinants of demand.
Is the demand curve for labor upward sloping or downward sloping and why?
Demand curve for labour is downwards sloping. This has a similar reason as to the demand of goods. If labour prices were low, they would be more likely to hire people at this price. However, if prices were high, they may think otherwise. For example, putting price on the y axis and quantity demanded on the x axis, lets say the equilibrium price for labour wage was $20 per hour. At a price of $50/hour, employers would be reluctant to hire an employee at this price as it is a lot higher than the equilibrium price, and therefore, the quantity demanded would be low. However, if wages were at $5/hour, labour would be considered cheap, and employers would more likely want to hire someone at this cheaper price and hence, quantity demanded will be higher.
