Identification Problem of Demand Curve and Supply Curve

In this article we will discuss about the identification problem of demand curve and supply curve. Suppose, for a particular product the equilibrium price-quantity combinations that are observed in the market at different points of time are E1 (p1, q1), E2 (p2, q2), E3 (p3, q3), etc. as shown in Fig. 1.25 or in Fig. 1.26. From this it may [...]