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Cristina Romero López
Created on February 9, 2024
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Transcript
SUPPLY AND DEMAND
LAW OF DEMAND
LAW OF SUPPLY
The demand curve shows the relationship between price and quantity. There is a indirect relationship beetween them.
The supply curve shows the relationship between price and quantity. There is a direct relationship beetween them.
PRIZE QUANTITY
PRIZE QUANTITY
SWEETS DEMAND CURVE
SWEETS SUPPLY CURVE
If the prize decrease from 2 dollars to 1 dollar, the quantity decrease from 300 to 200
If the prize decrease from 2 dollars to 1 dollar, the quantity rise up from 200 to 300
If the demand increased, the supply curve goes to the right ( consumers buy more products, for a higher prize) If the demand decreased, the supply curve goes to the left (consumers buy less products, for less prize)
If the demand increased, the supply curve goes to the right ( sellers offered more products, for a higher prize) If the demand decreased, the supply curve goes to the left (sellers offered less products, for less prize)
EQUILIBRIUM
Point where the supply and demand curves intersects. The quantity supplied is equal to the quantity demanded, because the market prices coincides with the equilibrium point.