I HAVE AN ASSIGNMENT WHERE I HAVE TO PLOT POINTS ON A GRAPH IN EXCEL, THE INFORMATION GIVEN IS QS=2P-20 AND QD=80-2P AND I WAS TOLD TO USE PRICES 10,20,30,40,50 AND QUANTITIES 5,10,15,20,25,30,35,40 FOR THE GRAPH. I HAVE NO CLUE WHAT TO DO FOR THE CHART IN EXCEL

Question

I HAVE AN ASSIGNMENT WHERE I HAVE TO PLOT POINTS ON A GRAPH IN EXCEL, THE INFORMATION GIVEN IS QS=2P-20 AND QD=80-2P AND I WAS TOLD TO USE PRICES 10,20,30,40,50 AND QUANTITIES 5,10,15,20,25,30,35,40 FOR THE GRAPH. I HAVE NO CLUE WHAT TO DO FOR THE CHART IN EXCEL

Answer 1

To plot points on a graph in Excel using the information given, you can follow the steps below:

1. Open Microsoft Excel and create a new spreadsheet.
2. Label your columns as "Price (P)" and "Quantity (Q)".
3. Enter the given prices (10, 20, 30, 40, 50) in the "Price (P)" column.
4. Enter the given quantities (5, 10, 15, 20, 25, 30, 35, 40) in the "Quantity (Q)" column.

Now, we need to calculate the values of Qs (supply quantity) and Qd (demand quantity) based on the equations given (QS = 2P - 20 and QD = 80 - 2P).

5. In the next column, label it as "Supply Quantity (QS)".
6. Enter the formula "=2*P1-20" in the first cell of the "Supply Quantity (QS)" column. Here, "P1" refers to the corresponding price in cell A2 (assuming you have entered the prices in column A starting from cell A2).
7. Drag the formula down to fill the remaining cells of the "Supply Quantity (QS)" column.

8. In the next column, label it as "Demand Quantity (QD)".
9. Enter the formula "=80-2*P1" in the first cell of the "Demand Quantity (QD)" column.
10. Drag the formula down to fill the remaining cells of the "Demand Quantity (QD)" column.

Now that you have calculated the values for QS and QD, you can create a graph based on the data.

11. Select the data range (including the headers) for both columns "Price (P)" and "Supply Quantity (QS)".
12. Go to the "Insert" tab in the Excel ribbon and click on the "Scatter" chart type. Select a scatter chart style that suits your preference.

13. Repeat the process for the data range in columns "Price (P)" and "Demand Quantity (QD)" to create a second scatter plot.

You should now have a graph with two sets of points representing the supply and demand quantities at different prices. You can further customize the graph by adding axis labels, titles, gridlines, etc., to make it more presentable.

Remember, the above steps assume that you have Excel installed on your computer. Alternatively, you can also use other graphing tools or online platforms to plot the points based on the given data and equations.