Bob from Michigan writes:

Nice blog. I must admit that I had not heard the expression nom-nom-nom, perhaps it is a function of my age or generation.

Sir, you are in good company. Those of us who have heard “nom nom nom” have probably spent too much time on the internet loling [laughing out loud] at captioned cat photos.

Perhaps you could explain on your blog why the demand/supply curve puts price on the Y axis, the dependent variable. When looking at the chart, it feels awkward, almost unnatural.

From the way we talk, it would seem that the independent variable is the price. For example, from your blog you say: “If the price of a cookie is too high, it’s not worth it.” If the price changes, the amount demanded or supplied changes as a result.

This is a good question, and you are not the first person to ask me. For now, I will outsource the answering to Greg Mankiw who has a blog post about this exact question. There is no very great reason for graphing it this way.

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