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How to make SUpply & Demand Graphs on Excel

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.


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 ...

Solution Summary

The solution will help you create Suppy & Demand Graphs using Excel. Contain a step by step explanation.