How Do You Construct A Demand & Supply Schedule Using An Equilibrium Price Of 25 And A Quantity Of 90?
You cannot construct such a schedule with any detail using only the information given. You can construct a general graph though: A demand and supply graph for a normal good would look like this: vertical axis would represent price, horizontal axis would represent quantity. Since it is a normal good, the demand curve would be a line (straight or curved) which slopes downward. The supply curve would slope upward. These two curves would intersect somewhere on the graph. The point where they intersect would represent equilibrium. The vertical level of this point would be 25 to represent the equilibrium price and the horizontal level of this point would be 90 to represent the equililbrium quantity. You do not have enough information to give any more detail. You don’t know the exact slope of the curves (other than demand is downward, supply is upward), and you do not know the scale used to plot other price and quantity levels, other than the given equilibrium point.
