Plot the graphs of demand and supply if you know the following: Demand curve is of the form: q=a-bp

Supply curve is of the form: q=a+bp Price take values from 0 to 9 $. The coefficients of demand and supply are given below:

DEMAND COEFFICIENTS: CURVE 1

50

SUPPLY COEFFICIENTS: CURVE 1

10

SOLUTION

In the following columns we

plot first the values of price

To calculate demand and supply, we enter formulas using their expressions and giving the known values of price Click on values for demand and supply and see the inserted formulas in the upper bar

PRICE DEMAND SUPPLY click on figures below and see the formulas inserted for an automatic calculus 0 50 10 1 45 15 2 40 20 3 35 25 4 30 30 5 25 35 6 20 40 7 15 45 8 10 50 9 5 55 Now we have to plot the graph of demand and supply

Use the Insert button and choose Chart. Select the Data Range and select all three columns. Na

Demand and Supply

60

50

40

30

20

10

0 1 2 3 4 5 6 7

we know

q=a-bp

q=50-5p

q=a+bp

q=10+5p

alues of price

elect all three columns. Name each series added.

and Supply

Demand Supply

10