Explain How a Chart Is Animated

question 25

Essay

Explain how a chart is animated. Be sure to describe which parts of the chart can be animated and how the animation works.

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Definitions:

Producer Surplus

The difference between what producers are willing to accept for a good versus what they actually receive, measured above the supply curve.

Market Equilibrium

Market equilibrium occurs when the quantity demanded by consumers perfectly matches the quantity supplied by producers, resulting in no excess supply or demand within the market.

Price

The financial value forecasted, demanded, or handed over as compensation for an item.

Quantity

The amount or number of a material or immaterial good that is considered as a unit or an aggregate.