The balanced equation is
Ag⁺ + e⁻→ Ag or 2Ag⁺ + 2e⁻→ 2Ag
Explanation:
In an electrolytic cell the energy is converted from electrical energy to chemical energy. The reaction is done by supplying electric current.
The reaction at anode is said to be oxidation and cathode is said to be reduction. In this case, the anode is positive and cathode is negative electrode.
An electrolytic cell produces a redox reaction through the application of electrical energy. The process of decomposing the chemical compounds is called as electrolysis.