Explore BrainMass

Explore BrainMass

    How to make SUpply & Demand Graphs on Excel

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    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.

    © BrainMass Inc. brainmass.com October 9, 2019, 11:13 pm ad1c9bdddf


    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.