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3: Supply and Demand (17) In economics, there are two relationships between the quantity of a product, and the price. Demand: As the price (P) of an item increases, the quantity people are willing to buy (Qc) decreases. Qd 20 - 2P = Supply: As the price (P) of an item increases, the quantity that suppliers will want to supply (Qs) increases. Os - 10 + 2P = a) Plot the supply and demand curves on the same graph for prices of $0 to $20. Remember to label the axes of the graph. (15) b) In economic theory, the economy will sit at the equilibrium of the two curves (the point where the two curves intersect). What is the equilibrium price? (12)