ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -This convention calls for price to be plotted on the horizontal axis and quantity on the vertical axis.

Detailed explanation-2: -The horizontal axis is usually called the x-axis. The vertical axis is usually called the y-axis. The point where the x-and y-axis intersect is called the origin.

Detailed explanation-3: -Rather, on a demand (or supply) curve, price is placed on y-axis and quantity is placed on x-axis. It is believed that the norm was created by Alfred Marshall, when he introduced the demand and supply curves.

Detailed explanation-4: -The horizontal axis represents the values corresponding to each data value. Here, the data values are the number of students who like a particular color represented on the vertical axis. The scale shows the value of 1 unit on the horizontal axis.

Detailed explanation-5: -When looking at a graph, you may notice that the vertical axis and horizontal axis are given other names. Typically, the vertical axis is called the y-axis, and the horizontal axis is called the x-axis. The point at which these axes intersect (meet) is called the origin.