Create a demand schedule and a supply schedule for your product.

Using these schedules, draw a demand curve and a supply curve using PowerPoint or Excel. Use these to determine the equilibrium price and equilibrium quantity for the product.

. Demand Schedule: Price per Gallon $1.00 $2.00 $3.00 $4.00 $5.00 Amount Supplier Will Produce At Price 10 20 30 40 50 Gallons Demanded At Price 50 40 30 20 10

Create a demand schedule and a supply schedule for your product. Ans. Price ($ per uint) 30 20 15 12 10 8 Quantity Demanded 3 5 8 10 12 14 Demand Schedule for Apples :

Supply Schedule for Apples : Price ($ per unit) 10 18 28 40 50 Quantity Supplied 4 6 8 10 12

Using these schedules, draw a demand curve and a supply curve using PowerPoint or Excel. Use these to determine the equilibrium price and equilibrium quantity for the product. Ans. Excel Sheet attached. Steps: 1. Get the three rows of data in Excel (make sure that you have "Quantity Demanded" then "Price" then "Quantity Supplied" as the order of the rows. 2. Next, select the first two columns (QD and P) and click on the Graph button. 3. Choose XY Scatter, pick a chart sub-type and click "Next". 4. Go to the "Series" tab and change "Name" to something like "Demand", name should say something like "=Sheet1!$B$1" to start with, but it labels that leg as price which is wrong. 5. Next, click "Add". Give it a name like "Supply", then click on the text box next to "X-values" and then click and drag the mouse over the "Quantity Supplied" column (do not select the Heading, only the values.) Then click on the text-box next to the "Y values". Click and drag you mouse over the column of Price, again selecting only the values not the heading. 6. Then click next and add the heading, axis labels, etc.

The point where the demand and supply curves intersect determines the equilibrium price and quantity. As per the above schedule, equilbrium price is $3 and equilibrium quantity is 30 gallons.

Quantity Demanded (per unit) 50 40 30 20 10

Price(per gallon) $1 $2 $3 $4 $5

Quantity Supplied (per unit) 10 20 30 40 50

Demand & Supply Curve

$6 $5 $4 Price $3 $2 $1 $0 0 10 20 30 Quantity 40 50 60
demand supply

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