Which of the following pairs of equations describes the supply and demand curves given in the accompanying demand and supply tables? $$\begin{array} { | c | c | c | }
\hline \text { Price } & \text { Quantity Supplied } & \text { Quantity Demanded } \
\hline \$ 0 & 0 & 3 \
\hline \$ 1 & 0 & 2 \
\hline \$ 2 & 1 & 1 \
\hline \$ 3 & 2 & 0 \
\hline \$ 4 & 3 & 0 \
\hline \$ 5 & 4 & 0 \
\hline
\end{array}$$
A)Qs = 1; Qd = 1 ? 3P, respectively
B)Qs = P; Qd = 3 ? 3P, respectively
C)Qs = P + 1; Qd = 3 ? P, respectively
D)Qs = P ? 1; Qd = 3 ? P, respectively

Question

Which of the following pairs of equations describes the supply and demand curves given in the accompanying demand and supply tables? $$\begin{array} { | c | c | c | } 
\hline \text { Price } & \text { Quantity Supplied } & \text { Quantity Demanded } \
\hline \$ 0 & 0 & 3 \
\hline \$ 1 & 0 & 2 \
\hline \$ 2 & 1 & 1 \
\hline \$ 3 & 2 & 0 \
\hline \$ 4 & 3 & 0 \
\hline \$ 5 & 4 & 0 \
\hline
\end{array}$$
A)Qs = 1; Qd = 1 ? 3P, respectively
B)Qs = P; Qd = 3 ? 3P, respectively
C)Qs = P + 1; Qd = 3 ? P, respectively
D)Qs = P ? 1; Qd = 3 ? P, respectively

Quizplus · Accepted Answer

The supply curve equation can be derived from the given table by observing that the quantity supplied (Qs) increases by 1 unit for every $1 increase in price (P), starting from $2. This relationship is captured by the equation Qs = P - 1, which correctly starts supplying at $2. The demand curve equation is derived by noting that the quantity demanded (Qd) decreases by 1 unit for every $1 increase in price, starting from 3 units at $0. This relationship is described by the equation Qd = 3 - P, which correctly starts with a demand of 3 units at $0 and decreases as the price increases.

Which of the Following Pairs of Equations Describes the Supply