Usually, we add the Independent variable of an equation to the x-axis in a graph, and the result(dependent variable) to the y-axis
In economics, we could state that price is the major determinant for quantity demanded. If so, why is the price plotted along the y-axis and the qty dd in x-axis?
Swapping the axis would still make it downward sloping.
Even the equation is given in the form Qd = a-bp, which is like in the general form of giving an equation, where the dependant variable is given in terms of the independant variable.
How did this start?
Zigoto,
even if you switch the axis, the curves remain the same. Demand curve would be downward sloping, Supply would be upward sloping. It makes no change.
My question is why this swap only in this case, when the rest of the world follows the conventional method of having the independant variable on the x-axis?
If someone thinks that price is not the independant variable, then think over
In economics, we could state that price is the major determinant for quantity demanded. If so, why is the price plotted along the y-axis and the qty dd in x-axis?
Swapping the axis would still make it downward sloping.
Even the equation is given in the form Qd = a-bp, which is like in the general form of giving an equation, where the dependant variable is given in terms of the independant variable.
How did this start?
Zigoto,
even if you switch the axis, the curves remain the same. Demand curve would be downward sloping, Supply would be upward sloping. It makes no change.
My question is why this swap only in this case, when the rest of the world follows the conventional method of having the independant variable on the x-axis?
If someone thinks that price is not the independant variable, then think over