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The demand schedule (or demand function or curve) for a good shows the total quantities (Q) that buyers are willing and able to buy at various prices (P) in some period of time. For example, here is a demand function illustrating the very special but convenient case of linear demand (withQ measured in some physical unit of quantity such as tons and P measured in dollars):Q = 2100 - 50PSometimes it is convenient to express this in the inverse form showing the prices that buyers are willing to pay for various quantities. (P is a function of Q.) This is called the demand-price function.
a. State the demand-price function corresponding to the above demand function.
b. Plot the corresponding demand curve on graph paper - with Q on the horizontal axis and P on the vertical axis. Label this demand D1.I. The Case of Fixed SupplyA supply schedule (or function or curve) defined analogously shows the total quantities (Q) that sellers are willing to sell at various prices (P) in a given period of time. One very special case is that of a fixed supply, where the quantity supplied is a constant, independent of price, such asQ = 1200 (This type of supply may apply, for example, in the short period of time when a given quantity of a perishable commodity is brought to market and must be sold at any price or go to waste; or, in a slightly different meaning of supply, again in the short run, it may apply to a service such as housing, or even in the long run to the services of a permanent resource such as land.)
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