5 Ways To Create Supply Demand Graph In Excel

Creating a supply and demand graph in Excel is a fundamental skill for any business or economics student. It helps to visualize the relationship between the price of a product and the quantity supplied and demanded. In this article, we will explore five different ways to create a supply and demand graph in Excel.

Understanding Supply and Demand

Before we dive into creating the graph, let's quickly review the concept of supply and demand. The law of supply states that as the price of a product increases, the quantity supplied also increases. On the other hand, the law of demand states that as the price of a product increases, the quantity demanded decreases.

Method 1: Using a Scatter Plot

The first method to create a supply and demand graph in Excel is by using a scatter plot. To do this, follow these steps:

• Enter the data for the price and quantity supplied and demanded in separate columns.
• Select the data range and go to the "Insert" tab in the ribbon.
• Click on the "Scatter" button and select the scatter plot option.
• Right-click on the scatter plot and select "Select Data" to customize the chart.
• Add a title and labels to the chart as needed.

Method 2: Using a Line Graph

Another way to create a supply and demand graph in Excel is by using a line graph. To do this, follow these steps:

• Enter the data for the price and quantity supplied and demanded in separate columns.
• Select the data range and go to the "Insert" tab in the ribbon.
• Click on the "Line" button and select the line graph option.
• Right-click on the line graph and select "Select Data" to customize the chart.
• Add a title and labels to the chart as needed.

Method 3: Using a Combination Chart

A combination chart is a type of chart that combines two or more chart types. To create a supply and demand graph using a combination chart, follow these steps:

• Enter the data for the price and quantity supplied and demanded in separate columns.
• Select the data range and go to the "Insert" tab in the ribbon.
• Click on the "Combo" button and select the combination chart option.
• Right-click on the combination chart and select "Select Data" to customize the chart.
• Add a title and labels to the chart as needed.

Method 4: Using a Template

If you want to create a supply and demand graph quickly, you can use a template. Excel provides several templates that you can use to create a supply and demand graph. To use a template, follow these steps:

• Go to the "File" tab in the ribbon and select "New".
• In the "Search for online templates" box, type "supply and demand graph" and press Enter.
• Select a template that you like and click on it to download it.
• Customize the template as needed.

Method 5: Using an Add-in

Finally, you can also use an add-in to create a supply and demand graph in Excel. There are several add-ins available that provide advanced charting capabilities. To use an add-in, follow these steps:

• Go to the "File" tab in the ribbon and select "Options".
• In the "Excel Options" dialog box, click on the "Add-ins" tab.
• Click on the "Manage" button and select "Excel Add-ins".
• Browse to the location of the add-in and select it.
• Follow the instructions to install the add-in.

Gallery of Supply and Demand Graphs

Supply and Demand Graph Image Gallery

We hope this article has helped you to create a supply and demand graph in Excel. Remember to practice creating different types of charts to become proficient in using Excel. If you have any questions or need further assistance, please don't hesitate to ask.