How to make SUpply & Demand Graphs on Excel
Not what you're looking for?
Question #4. Lawn mowing services are supplied by a host of individuals in the suburb of Westbrook. Demand and supply conditions in the perfectly competitive domestic for lawn mowing services are:
P = $75 - 1.75QD (Demand)
P = $2QS (Supply)
where P is price per lawn mowed and Q is quantity of lawns mowed per day.
a.) Algebraically determine the equilibrium industry price/output combination. I have already solved the problem, I need help with b.)
Equilibrium Price = $40
Equilibrium Quantity = 20
b.) Confirm this by graphing industry demand and supply curves (Using excel). For the graph, use prices: 10, 20, 30, 40, 50, 60, 70, 80, 90 and Quantities: 5, 10, 15, 20, 25, 30, 35, 40, 45.
Please provide a step by step illustration to graphing this problem in Excel.
Purchase this Solution
Solution Summary
The solution will help you create Suppy & Demand Graphs using Excel. Contain a step by step explanation.
Solution Preview
Please find attached the Excel file.
Based on the Price and Quantity data (given) i have calculated the Demand and Supply from the formula using Excel.
P = $75 - 1.75QD (Demand)
P = $2QS (Supply)
The table generated contains all the data needed to plot the graph.
If you use MS ...
Purchase this Solution
Free BrainMass Quizzes
Measures of Central Tendency
This quiz evaluates the students understanding of the measures of central tendency seen in statistics. This quiz is specifically designed to incorporate the measures of central tendency as they relate to psychological research.
Know Your Statistical Concepts
Each question is a choice-summary multiple choice question that presents you with a statistical concept and then 4 numbered statements. You must decide which (if any) of the numbered statements is/are true as they relate to the statistical concept.
Terms and Definitions for Statistics
This quiz covers basic terms and definitions of statistics.
Measures of Central Tendency
Tests knowledge of the three main measures of central tendency, including some simple calculation questions.