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Supply and Demand: Quantitative Analysis definitions

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  • Equilibrium
    Occurs where market quantity supplied matches quantity demanded, both algebraically and graphically at the intersection of supply and demand curves.
  • Demand Curve
    Represents the relationship between price and quantity demanded, typically plotted as a downward-sloping line using a linear equation.
  • Supply Curve
    Shows how price relates to quantity supplied, often graphed as an upward-sloping line derived from a linear equation.
  • Quantity Demanded
    Refers to the amount consumers are willing to purchase at a specific price, calculated by substituting price into the demand equation.
  • Quantity Supplied
    Indicates the amount producers are willing to offer at a certain price, found by plugging price into the supply equation.
  • Price Axis
    Vertical axis on a graph where different price levels are marked, used to plot supply and demand points.
  • Quantity Axis
    Horizontal axis on a graph displaying various quantities, essential for plotting supply and demand curves.
  • Intersection
    Graphical point where supply and demand curves cross, visually identifying market equilibrium.
  • Linear Equation
    Mathematical expression with variables and constants forming a straight line, used for supply and demand relationships.
  • Variable Isolation
    Algebraic process of rearranging equations so one variable stands alone, facilitating easier calculation of price or quantity.
  • Coefficient
    Numerical factor multiplying a variable in an equation, affecting the slope of supply or demand curves.
  • Slope
    Measures the steepness of a curve, determined by the coefficient in supply or demand equations.
  • Equilibrium Price
    Market price at which quantity supplied equals quantity demanded, found by solving supply and demand equations.
  • Equilibrium Quantity
    Market quantity where supply matches demand, calculated by setting supply and demand equations equal.
  • Graphical Representation
    Visual depiction of supply and demand curves on axes, used to illustrate equilibrium and market behavior.