Tuesday, June 22, 2010

Can you tell me how this demand curve works?

I'm a math major so I SHOULD get this, but I need some help from an economist. My problem say that the ';demand curve'; has the equation:





Q=6-p





OK... so what should be on the y-axis? It's set up like Q should go there, but when I look at examples on line it's the other way around...





p=6-Q





should I graph it like that instead?





Can you tell me how this demand curve works?
It doesn't matter, so long as it has a negative slope, and the intercept is 6.Can you tell me how this demand curve works?
Yep if demand is Q=6-p then you should rewrite it to p=6-Q.


I cant remember which economist and why, but the function was changed into the y axis. Becauce mathematically, quantinty is the function of P.





So yeah to draw the graph change it, get used to recognising and rewritting the whole equation because you are learning the basics right now, and if you dont get used to rewritting them, things will be difficult...

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