Drawing Supply and Demand from Data Flashcards

1️⃣ Familiarise yourself with the flashcards:

  • Look through all the flashcards to see what's on both sides.
  • Make sure you understand the information on each card. If something's unclear, click the link to the revision notes at the bottom of the page for more details.

2️⃣ Test yourself:

  • Look at the question or prompt on each card and try to remember the answer before flipping it over.
  • Check the answer and make a note of any cards you find challenging and need to go over more.

3️⃣ Consistently Review and Practice:

  • Use spaced repetition: spend more time on the cards you struggle with and go over them more often.
  • Regularly review all the flashcards to help you better understand and retain the information over time.

Note: We may include questions that have multiple correct answers. It's useful to remember specific examples to understand these concepts better.

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Which axes do we use for price and quantity when drawing supply and demand?

Put price on the vertical (y) axis. Put quantity on the horizontal (x) axis.

How do you choose a scale for the axes from a data table?

Use an even scale that covers all values in the table. Label units, like £ per unit and units. Start at zero if it fits; if not, use a clear start that includes all data.

How do you plot a point from a supply or demand schedule?

Pick one row. Use quantity for x and price for y. Put a dot at (Q, P).

How do you draw a demand curve from data?

Plot all the price–quantity points. Join them with a smooth line. Label the curve D.

How do you draw a supply curve from data?

Plot all the price–quantity points. Join them with a smooth line. Label the curve S.

How do you find the equilibrium price and quantity on your diagram?

Find the point where S and D cross. Read the price on the y-axis and the quantity on the x-axis. Mark it E.

What if the table never shows the same quantity for supply and demand?

Draw both curves. Use the graph to estimate the intersection price and quantity. If needed, state the price range where demand is above supply or below it.

How do you show a movement along a curve when only price changes in the data?

Use the same curve. Plot the old and new points. Draw an arrow along the curve between them.

How do you draw a shift in a curve when given a new schedule?

Plot the new points. Draw a new curve to the right or left of the old one. Label them, e.g., D0 and D1 or S0 and S1.

How do you build and draw a market curve from individual tables?

At each price, add the quantities across people or firms to get a total. Plot price against the total quantity. Join and label the curve.

How should you label a complete supply and demand diagram?

Label axes as Price (£) and Quantity. Label curves S and D. Mark the equilibrium E and read off Pe and Qe.

What common mistakes should you avoid when drawing from data?

Do not put price on the x-axis. Do not use uneven scales. Do not join points to the origin unless the data say so.

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