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Demand Curves

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA PM Exams › Demand Curves

  • This topic has 1 reply, 2 voices, and was last updated 1 month ago by John Moffat.
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  • December 16, 2022 at 12:48 pm #674761
    guyver101
    Participant
    • Topics: 17
    • Replies: 14
    • ☆

    Hi,

    In maths and science, when plotting a graph we put the independent variable on the X axis, and dependent on the Y axis .

    I realise it makes no difference to the outcome, but just wondered why when plotting a Demand Curve cost (independent) is on Y and Quantity (dependent) is on X? Is it so that Y=MX+C becomes P=a-bQ, rather than Q=(a-P)/b?

    I also saw in one of the ACCA articles it states “They are always drawn with Q on the horizontal axis and P on the vertical axis”

    Thanks

    December 16, 2022 at 4:09 pm #674778
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 51532
    • ☆☆☆☆☆

    But this is not a maths or science exam 🙂

    Given that the objective is to determine an optimum selling price, we want an equation of the form P = a – bQ, and conventionally we do draw the demand curve as stated in the article (although obviously you cannot be required to draw the demand curve in the exam).

    Have you watched my free lectures on pricing? The lectures are a complete free course for Paper PM and cover everything needed to be able to pass the exam well.

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