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Nilanjan Bhowmick AIR 3, CSIR NET (Earth Science)
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Why price is shown on y-axis and quantity on x-axis in a demand curve? and why this curve is sloped negatively downwards?
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Dr. ashish kumar suri Best Answer
Although the dependent variable is plotted on y-axis and independent variable on x-axis, but in economics this rule seems to be violated in many cases. In case of demand curve price is taken as independent variable and quantity demanded as dependent variable. But earlier at the timd of Alfred Marshall in the short run quantity demanded was taken as independent variable and price as dependent variable. Accordingly price was shown on y-axis and quantity demanded on x-axis. Since then the economists are using the same way to draw demand and supply curves. As there is an inverse relationship between quantity demanded and price of a commodity which means that when price increases quantity demanded contracts and vice-versa so the slope of demand curve is negative. Hence the demand curve slopes downward from left to right as it has a negative slope
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