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Supply and Demand: Quantitative Analysis definitions

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  • Equilibrium
    Occurs where quantity supplied equals quantity demanded, represented by the intersection of supply and demand curves on a graph.
  • Demand Curve
    A graphical representation showing the relationship between price and quantity demanded, typically sloping downward.
  • Supply Curve
    A graphical representation showing the relationship between price and quantity supplied, typically sloping upward.
  • Quantity Demanded
    The amount consumers are willing to buy at a specific price, found by plugging price values into the demand equation.
  • Quantity Supplied
    The amount producers are willing to sell at a specific price, found by plugging price values into the supply equation.
  • Equilibrium Price
    The price at which the quantity supplied matches the quantity demanded, often labeled as P star.
  • Equilibrium Quantity
    The quantity at which the supply and demand curves intersect, often labeled as Q star.
  • Algebraic Manipulation
    The process of rearranging equations to isolate variables, such as solving for price or quantity.
  • Graphical Representation
    A visual method for analyzing supply and demand by plotting equations and identifying intersections.
  • Isolated Variable
    A variable that appears alone on one side of an equation, making it easier to solve for other values.
  • Intersection Point
    The spot on a graph where the supply and demand curves cross, indicating market equilibrium.
  • Coefficient
    A numerical factor multiplying a variable in an equation, such as the -2 in -2Q.
  • Linear Equation
    An equation representing a straight line, commonly used for supply and demand relationships.
  • Reciprocal
    A mathematical value used to isolate a variable, such as multiplying by 2/3 to solve for price.
  • Axis
    The reference lines on a graph, typically representing price and quantity in supply and demand analysis.