Excel Lab 01 - Supply, Demand, and Equilibrium

Procedure:
1. Open a new excel spreadsheet file.
2. Save this file as "yourname, Excel Lab 01.xls"
3. Right click on the tab on the bottom of the spreadsheet and rename it "Part A"
4. Set up the following columns within the spreadsheet. Record the following
price, demand and supply figures.
Price:

Demand

Supply

$0.20

100

0.40

80

10

0.60

60

20

0.80

40

30

1.00

20

40

1.20

50

5. Graph the data contained in the table you have created by following the steps
outlined below:
1. Highlight all three columns, including the column titles and all of the data.
2. With the table still highlighted, click on the chart wizard button in the tool
bar
.
3. A Chart Wizard window will appear. Under the [Standard Types] tab,
select the [XY (Scatter)] option,
4. Under [Chart Sub Type] select the option that shows straight lines
connected by data points.
5. Click the [Next] button.
6. A new window will appear. Click the [Series] tab at the top.
7. In the series window, make sure that "Quantity Demanded" is highlighted,
then click on the button to the right of the "X Values" cell.
8. The window will disappear. Don't worry. Just highlight all of the data under
the "Quantity Demanded" Column. (Do not highlight the column
heading!) Then hit the enter key on your keyboard.
9. The Chart Wizard Window will reappear.
10. In the series window, make sure that "Quantity Demanded" is highlighted
once again, then click on the button to the right of the "Y Values" cell.

11. The window will disappear. Don't worry. Just highlight all of the data under
the "Price" Column. (Do not highlight the column heading!) Then hit the
enter key on your keyboard.
12. The Chart Wizard Window will reappear.
13. In the series window, make sure that "Quantity Supplied" is highlighted,
then click on the button to the right of the "X Values" cell.
14. The window will disappear. Don't worry. Just highlight all of the data under
the "Quantity Supplied" Column. (Do not highlight the column heading!)
Then hit the enter key on your keyboard.
15. The Chart Wizard Window will reappear.
16. In the series window, make sure that "Quantity Supplied" is highlighted
once again, then click on the button to the right of the "Y Values" cell.
17. The window will disappear. Don't worry. Just highlight all of the data under
the "Price" Column. (Do not highlight the column heading!) Then hit the
enter key on your keyboard.
18. The Chart Wizard Window will reappear.
19. (At this point the preview window should be showing you a graph that
looks similar to the one illustrated below.)
20. Click the [Next] button.
21. Under the [Titles] tab, fill in the following information:
o Chart Title: Supply and Demand for Oh Henry Bars
o Value (X) Axis: Quantity
o Value (Y) Axis: Price
22. Click the [Next] button.
23. Click the [Finish] button.

That's that! You should now have a graph pasted into your worksheet. You
can manipulate the size of the graph by clicking on any of the black
squares on the graph's border and dragging the mouse.

Analyses:
1. At what price is equilibrium found?
2. At what quantity is equilibrium found?