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Notice that the two curves intersect at a price of $6 per pound-at this price the quantities demanded and supplied are equal.

By putting the two curves together, we should be able to find a price at which the quantity buyers are willing and able to purchase equals the quantity sellers will offer for sale.įigure 3.7 “The Determination of Equilibrium Price and Quantity” combines the demand and supply data introduced in Figure 3.1 “A Demand Schedule and a Demand Curve” and Figure 3.4 “A Supply Schedule and a Supply Curve”. The supply curve shows the quantities that sellers will offer for sale at each price during that same period. The demand curve shows the quantities of a particular good or service that buyers will be willing and able to purchase at each price during a specified period. The logic of the model of demand and supply is simple.