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    Simple ways to remember the shape of curves

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    How do you remember the shapes and elasticities of demand and supply curves in Microeconomics? This solution helps you memorize the shapes of different curves in an easy to remember way.

    How do you remember how the axes are labelled for market equilibrium? This solution gives you an easy trick to remember the correct labeling of axes.

    © BrainMass Inc. brainmass.com December 24, 2021, 11:36 pm ad1c9bdddf
    https://brainmass.com/economics/basic-economic-concepts-and-principles/memory-tricks-demand-supply-curve-shapes-elasticities-585557

    SOLUTION This solution is FREE courtesy of BrainMass!

    Demand Curve: Demand curves are always downward sloping. 'Demand' and 'Downward' both start with a 'D'. So, you can remember the slope of the demand curve by remembering that the curve that starts with 'D' slopes downward.

    Supply Curve: Supply curves are usually upward sloping. The word "Supply" has "UP" in it. So, if the name of the curve has an 'UP' in it, it slopes up.

    Equilibrium Graph: The word price has a vertical line in the letter 'P,' so price is always on the vertical axis/y-axis. Since price is on the y-axis, quantity (the other variable in equilibrium graphs) is on the horizontal axis.

    Elasticities of Demand and Supply:

    Perfectly Inelastic: Inelastic begins with an 'I', so the perfectly inelastic curve looks like an 'I'. In other words, it's vertical.

    Perfectly Elastic: Elastic starts with an 'E', and there are 3 horizontal lines in the letter E, so a perfectly elastic curve looks like an 'E'/is horizontal.

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    © BrainMass Inc. brainmass.com December 24, 2021, 11:36 pm ad1c9bdddf>
    https://brainmass.com/economics/basic-economic-concepts-and-principles/memory-tricks-demand-supply-curve-shapes-elasticities-585557

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