02+Demand+and+Supply

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Drag it to your desktop. Rename the image with a unique name that you can sequence to file and keep track of additional images as the term progresses (e.g. LAST-NAME-chapter-number-01).

The initial diagram is a Price/Quantity grid. Open the image in SumoPaint. Add a new layer. To the grid add a supply and demand curve, use different colors for each. Add another layer, label the intersection as Point A, label the equilibrium price and quantity coordinates: Po and Qo. Use different colors in your diagram. Upload the completed diagram to this Wiki page, and add text to explain what you have diagrammed! (Here is a link to a Quick Tour of SumoPaint) For a Quick Start Guide to SumoPaint right click and open in a new window this file: : . //**(Note to Instructors: In the left frame "Manage Wiki" goes to a panel of controls. The "template" control lets the user create a page that is not linked from the homepage. We use that to copy/paste the information collected in the "01 Introduction" exercise. Storing the information in the template becomes a quick way to add the matrix (with the student names and links to their images) to a wiki page with an exercise. Also in the control panel is the "Files" tool. That can be used to keep track of the upload activity and trace back which student has over written another student's post. After grading the posts, it is convenient to post the answer diagram on this page. The answer diagram can also be posted in the Discussion page. That page does not have an formatting controls for the message. To post an image, first go to the Manage Wiki controls and use the "Files" too. When the image is uploaded, a notice is displayed. Here is an example:**// Image uploaded - to include in a page, use the tag ' [" [ ' [image:zSes02-answer.png] " ] " (remove the " " to make it operational) //**To link to the image in a post in the Discussion page, copy the following part of the notice:**// [[image:xyz--answer.png]]' [" [ ' [image:zSes02-answer.png] " ] " (remove the " " to make it operational) //**and use that in the post.**//

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 * Num || Name || Diagram and Explanation ||  ||
 * 1 || Smell Mcpitts

The red curve is supply curve, and the blue curve is demand curve. The equilibrium point is Point A, and when Quantity is Q0 (equilibrium quantity) and the price is P0 (equilibrium price), the amount that buyer wants and able to buy is equal to the amount that seller wants and able to sell. Above the point A,it creates a surplus between supply and demand, when quantity of supply exceeds the quantity of demand. And below point A, it creates a shortage when quantity of demand is exceeds the quantity of supply. And in the graph we can get when the price goes down, the quantity of demand increase, and when the price goes up, seller will supply more to earn money. ||  || ||
 * 2 || Ben Doever

The yellow line represents supply, while the green line represents demand. The more demand for an item, the smaller the supply--and vice versa. Market equilibrium is the concept that, all things held constant, gradually the relationship between supply and demand will adjust with the help of market forces so that quantity demanded and quantity supplied is perfectly balanced, without a shortage or surplus. Equilibrium is shown at Point A, where supply and demand intersects; the equilibrium price is known as Po while the equilibrium quantity is Qo. ||  ||
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