Answer to Question #274047 in Microeconomics for mohammed

Question

how to depict equilibrium price & quantity on a graph and interpret

Answer 1

At equilibrium, the quantity supplied is equal to quantity demanded, In a graph the y axis represents the price while the x axis represents the quantity supplied and demanded in the market. At the point where the supply curve crosses the demand curve that's the equilibrium point which depicts equilibrium price Pe and quantity Qe.