Assignment 3 Demand and Supply The use of E Books has

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Solution - 1

The law of demand states that other things remaining constant, as the price of a commodity increases, the quantity demanded. Therefore there is an inverse relationship between the price and quantity demanded. This implies that the demand curve is downward sloping. This is consistent with our diagram.

The law of supply states that other things remaining constant, as the price of a commodity increases, the quantity supply also increases. Therefore there is a direct relationship between the price and quantity supplied. This implies that the supply curve is upward sloping. This law holds good in our graph also.

Solution - 2

The equilibrium price and quantity is determined by the intersection of the demand and supply curve. In the above diagram we can see from the...

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