Explain equilibrium of demand and supply with table and diagram
Answers
Answer:
A supply schedule is a table that shows the quantity supplied at different prices in the market. A supply curve shows the relationship between quantity supplied and price on a graph. ... The equilibrium occurs where the quantity demanded is equal to the quantity supplied.
Explanation:
The demand schedule shown by Table 1 and the demand curve shown by the graph in Figure 1 are two ways of describing the same relationship between price and quantity demanded.
A Demand Curve for Gasoline. The demand schedule shows that as price rises, quantity demanded decreases, and vice versa. These points are then graphed, and the line connecting them is the demand curve (D). The downward slope of the demand curve again illustrates the law of demand—the inverse relationship between prices and quantity demanded.
Price (per gallon) QuantityDemanded(milliongallo)
$1.00. 800
$1.20. 700
$1.40. 600
$1.60. 550
$1.80. 500
$2.00. 460
$2.20. 420
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