Question

In three to four sentences, explain why putting the demand and supply schedules together can help you to see what price and quantities will be demanded and supplied in the marketplace.

Answer 1

Supply schedule Firms will produce additional output while the cost of producing an extra unit of output is less than the price they would receive. Demand and supply relations in a market can be statistically estimated from price, quantity, and other data with sufficient information in the model. ]

Answer 2

Putting the supply and demand schedules together allows you to see how the two compares. You will see if the supply is higher/ lower than the demand, then the price will decrease/ increase. Or if the demand is higher/ lower than the supply then the price will increase/decrease. The quantity will be determined on the how much it is demanded, which relies on the price of an item and the price relies on how much there is and how much it is demanded...