Demand and Supply curves

Hey, so I'm not quite sure how to make a graph out of this... I have a price for a given good, the demand and supply. How exactly do I plot this on a graph?

for example;

Supply of bag of Jelly beans

Price (pence) Demand (millions of bags) Supply (millions of tins)

4 70 10
8 60 30
16 50 50

Haven't really done this yet and I'm pretty lost........


Formatting turned out rubbish...

EDIT

Okay, so what I'm confused about is making the actual graph. How do I plot both demand and supply when there's only x and y axis and y is price..?

This is what a demand and supply diagram (typically called price mechanism) looks like:


Price is on the vertical axes and quantity (supplied and demanded) on the horizontal axes.

This is what I would do:

1) Draw axes with the prices (4,8,16) on the vertical axis and all the quantities (10, 30, 50, 50, 60, 70) on the horizontal axis
2) Start with the demand curve. Go along the quantity axis and pick 70, then go up the price axis and find 4, then plot the point. Do the same for the other points and you should get a line sloping downwards for left to right like in the diagram.
3) Do the same for supply. Go along the quantity axis and find 10, then go up the price axis and find 4 and plot the point etc. The supply curve should slope upwards from left to right.
4) In the end you should get something like the diagram I have attached.

I hope this helps!

This is what a demand and supply diagram (typically called price mechanism) looks like:


Price is on the vertical axes and quantity (supplied and demanded) on the horizontal axes.

This is what I would do:

1) Draw axes with the prices (4,8,16) on the vertical axis and all the quantities (10, 30, 50, 50, 60, 70) on the horizontal axis
2) Start with the demand curve. Go along the quantity axis and pick 70, then go up the price axis and find 4, then plot the point. Do the same for the other points and you should get a line sloping downwards for left to right like in the diagram.
3) Do the same for supply. Go along the quantity axis and find 10, then go up the price axis and find 4 and plot the point etc. The supply curve should slope upwards from left to right.
4) In the end you should get something like the diagram I have attached.

I hope this helps!

Hey,

I'm doing Econ in one year (both AS and A2) on my own. Can you check out my diagram please?

Sorry for the bad quality of the diagram! Drew it on "draw" :P

Well done, your diagram is correct. Now you can see that where supply and demand cross is called the equilibrium. It is the price at which consumers are willing to pay for the good or service and it is the price at which suppliers are willing to sell their good or service. It also shows the quantity that consumers are willing to buy and suppliers are willing to produce.

Hope this helps! If you need any more help in the future just contact me on TSR.

P.S. I'm doing A2 Economics at the moment.

Thanks a lot mate!

The fact that it asked for specific quantities for both Qd and Qs was what I found a bit confusing, as in how to draw the supply curve, but I guess it does not make any difference averall!