What is demand and supply curves?

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1.83K viewsEconomics

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Delorey 0 Comments

How can I draw the demand and supply curves and what do they represent? Should I try to create the demand and supply curves in excel or is it easy to do it by hand?

1 Answer

score 0 · Answer 1 · 2012-12-02T19:58:26+00:00

Supply and Demand Curves are the curves that show what is the supply of a good or a service at a set price and in a similar way, what is the demand for this good or for this service at a given price. The demand curve intersect with the supply curve at the point where demand and supply are equal. If the demand is higher than the supply, then the price goes up and in a similar way, if the supply is higher than the demand, the price will go down.