Understanding Demand and Supply Concepts
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For your Microeconomics midterm, you need to know how to find EQUILIBRIUM on a graph, table, and with equations. GRAPH: Find the intersection point of the (current) Supply & Demand curves. The corresponding price (y-axis) and quantity (x-axis) are your equilibrium values. TABLE: Find the row where Supply = Demand. Then, locate the Price in that row. EQUATIONS: Set them equal to each other. Solve for P (price). Then plug back into either equation (you’ll get the same thing) to solve for Q (quanti
3:14
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