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2. Suppose that one can read a graph that shows information about price and quantity of some product. Relying solely on the g
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Question 2

Yes, it is possible to derive out the relationship between the two variables by looking just at the graph if the graph consists of both price axis and quantity axis along with the required curves (Demand and supply). That would particularly depend on the demand case or supply case given in the graph.

Otherwise it will perfectly be possible to read out the price and quantity measurements from the graph. For example, if a graph is given in which there is a demand curve of a product A and various quantities of the product that are demanded at different prices. Thus, the relation between price and quantity can be seen out as a positive one.

Suppose an example where demand and supply both curves are given along with different quantities and prices. Then using the graph only, the equilibrium can be established where the two curves meet. Thus, the information can be extracted from the graph itself in simple cases.

(Kindly upload one question at a time. Our guidelines allow us to answer only one question at a single time. I really apologize for the inconvenience caused.)

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