BackSupply and Demand: Quantitative Analysis definitions
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1/15BackSkip to main contentBackEquilibrium
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.
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