The ability to graph in excel is tremendously useful to visualize data and make things understand better. But sometimes graphing certain things can be difficult. One such thing is the law of supply and demand.
So, let’s look at how to create a supply and demand curve in excel.
What is the Law of Supply and Demand?
The law of supply and demand dictates the relationship between willingness to buy a product and selling a product at a certain price.
The law of supply and demand has a graph that is very popular in economics.
Let’s look at how to create a supply and demand curve in excel.
How to Create a Supply and Demand Graph in Excel?
Step#1 Create a Supply and Demand Table
Create a table like this with three columns. The first column being the price of the product, the second being the demand of the product, and the third one being the supply of the product.
Step#2 Creating the Supply and Demand Graph
Then select the three columns and from the “Inset” ribbon go to “Recommended Charts.” You will see a dialogue box.
From the dialogue box select a line chart and press ok.
You will see a graph, but the graph is quite not right.
The prices should be on the y axis and the product amount should be on the X axis. So, let’s fix that.
Step#3 Fixing the Axis of the Graph
First, from “Chart Design” go to “Select Data.”
Then from the dialogue box, select the supply column and go to edit.
Then from the dialogue box, define the series name by selecting the “Supply” cell, define x series by selecting the supply amounts and define y series by selecting the prices.
Then similarly, press “Add” to add the demand chart.
Then from the dialogue box, define the series name by selecting the “Demand” cell, define x series by selecting the demand amounts and define y series by selecting the prices.
And, voila you now know how to create a supply and demand graph in excel.
But the graph doesn’t look beautiful, so let’s do some edits to bring the graph to the center.
First, select the horizontal axis and go to “Axis Options.” Then change the minimum bounds to 400 and maximum bounds to 850.
And there you go the graph is centered.
Now, you know how to create a supply and demand curve in excel.
Supply and demand is a famous law of economics. Understanding its graph has now a bit easier as you know how to create a supply and demand curve in excel now.
Hi there, I am Naimuz Saadat. I am an undergrad studying finance and banking. My academic and professional aspects have led me to revere Microsoft Excel. So, I am here to create a community that respects and loves Microsoft Excel. The community will be fun, helpful, and respectful and will nurture individuals into great excel enthusiasts.