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How is elastic demand represent graphically?
A perfectly elastic demand is represented on the traditional supply and demand graph with a straight horizontal line. An elastic demand that is not perfect would be represented as any line with a slope between 0 and -1.
In a market economy prices are determined by supply and demand. How is the price of an item affected if the supply goes down?
Price goes up ---> just look at a supply-demand curve. 1. Supply goes down so supply curve shifts to left 2. Find where it now intersects with demand curve (demand assumed to remain constant) 3. Follow it over to Price (Y axis) and you can see that price has gone up.
How to draw a demand and supply diagram?
Think of a normal X-Y graph. On the Y-axis is price, and on the X-Axis is quantity. Demand is generally a downward sloping line (or curve) and supply is generally an upward sloping line (or curve). Here is a basic example that I made: see link below Note that supply and demand intersect - this point is known as the market equilibrium because quantity supplied equals quantity demanded.
What do you mean with the statement A fixed supply means that real estate prices will fluctuate with demand?
The statement refers to basic microeconomics:Under the condition of a fixed supply, demandalone determines price. Supply is constant.Under other conditions, Supply is represented on a graph as a line that slopes upward, while demand is a line that sloped downward. That is that as the quantity suppliedincreases, so does price. As the price increases, the quantity demanded decreases. Where the two curves meet is called the Equalibrium.Under the condition of a fixed supply, supply is not represented by a curve, but a vertical line. Demand is still a curve, but the quantity demandedcannot exceed the supply.edit: That answer is hyper-technical, and reads like a modern textbook. The terms, "demand" and "fixed supply" refer exactly to this type of graph. In English, the question simply means that the price of real estate will go up or down depending solely on how much people are willing to pay.
What is established on a graph when the supply and demand line cross?
From 12th grade Economics, I can say that that point is called equilibrium. that is the point where both supply and demand's needs are met. If the point is above the supply and demand lines, It is inefficient and is only reached through new breakthroughs like technology, more workers, etc... and if the point is below where both lines meet, resources are being used inefficiently. Economics is the study of allocating scarce resources, after all.
What happens to a line when the y-intercept is changed?
as the y-intercept increases, the graph of the line shifts up. as the y-intercept decreases, the graph of the line shifts down.
How is elastic demand represent graphically?
A perfectly elastic demand is represented on the traditional supply and demand graph with a straight horizontal line. An elastic demand that is not perfect would be represented as any line with a slope between 0 and -1.
How can you tell which line is the supply line?
In a supply and demand graph, the supply line is typically upward sloping from left to right, indicating that as the price increases, the quantity supplied also increases. It represents the relationship between the price of a good and the quantity that producers are willing to sell. In contrast, the demand line slopes downward, showing that as prices decrease, the quantity demanded increases. To identify the supply line, look for the line that rises as you move along the horizontal axis.
In a market economy prices are determined by supply and demand. How is the price of an item affected if the supply goes down?
Price goes up ---> just look at a supply-demand curve. 1. Supply goes down so supply curve shifts to left 2. Find where it now intersects with demand curve (demand assumed to remain constant) 3. Follow it over to Price (Y axis) and you can see that price has gone up.
How to draw a demand and supply diagram?
Think of a normal X-Y graph. On the Y-axis is price, and on the X-Axis is quantity. Demand is generally a downward sloping line (or curve) and supply is generally an upward sloping line (or curve). Here is a basic example that I made: see link below Note that supply and demand intersect - this point is known as the market equilibrium because quantity supplied equals quantity demanded.
What do you mean with the statement A fixed supply means that real estate prices will fluctuate with demand?
The statement refers to basic microeconomics:Under the condition of a fixed supply, demandalone determines price. Supply is constant.Under other conditions, Supply is represented on a graph as a line that slopes upward, while demand is a line that sloped downward. That is that as the quantity suppliedincreases, so does price. As the price increases, the quantity demanded decreases. Where the two curves meet is called the Equalibrium.Under the condition of a fixed supply, supply is not represented by a curve, but a vertical line. Demand is still a curve, but the quantity demandedcannot exceed the supply.edit: That answer is hyper-technical, and reads like a modern textbook. The terms, "demand" and "fixed supply" refer exactly to this type of graph. In English, the question simply means that the price of real estate will go up or down depending solely on how much people are willing to pay.
Considering the graph of a line with a negative slope what is true?
the line goes down from left to right as the absolute value of the negative slope get bigger, the graph of the line gets steeper as the absolute value of the negative slope gets smaller, the graph of the line gets less steep ( apex )
Where is the dependent variable in a line graph?
The usual way is to plot the independent variable on the horizontal, and the dependent variable on the vertical. There are some where the dependent is on the horizontal, though. Supply-Demand and Price graphs in Economics comes to mind, as an example.
How do you multiply and divide on a line graph?
line graph x line graph = divided line graph
What Happens to the graph of a line when the slope is negative check all that apply?
A. As the absolute value of the negative slope gets bigger, the graph of the line gets steeper B. The line goes up from left to right C. As the absolute value of the negative slope gets smaller, the graph of the line gets less steep D. The line goes down from left to right E. The line shifts down
Is broken line graph same as the line graph?
no because the broken line graph is a line graph that is broken da!
What is a double line graph?
a double line graph is a graph that is same as a line graph but there are two lines
