Economic graphs are hard and i am using a chromebook that does not give full excel, can someone help me?

Question

You are presented with the following sales data from 2015-2018 of The Cullins Auto Corporation on sales of its used automobiles from both of its auto sales centers; one in Albany, NY and the other in Beacon, NY. The product’s price, at both centers, measured in 100’s of US Dollars, is: 56, 48, 40, 32, 24, 16, and 8. The corresponding quantity demanded at the Ithaca center measured in 1,000’s of automobiles, is: 2, 4, 6, 8, 10, 12, and 14. While the quantity demanded at the Binghamton center, also measured in 1,000’s, is: 4, 8, 12, 16, 20, 24 and 28. All the data was retrieved from the New York State Auto Review, volume 20, issue 3, pages 100-111, “Used Car Sales in Upstate New York” by Lawrence Day and will be used in your presentation to the National Used Car Dealers Annual Meeting.  

a. In two separate graphs, that you have created using Excel, clearly and accurately graph the demand curves for the Binghamton center and the Ithaca center. These will be graph # 2 and graph # 4, respectively, in your presentation. (34 pts; 17 pts each)

b. Solely considering your graphs and data in part A above. For each curve, follow the demand curve from $48 to 40, 40 to 32, and, 32 to 24, and calculate the elasticity of demand (Ed) for each curve at those price intervals. Show all work. Then address, by referencing your calculations only, very specifically, what each answer you have calculated means in terms of the Ed. (16 pts)

c. Consider your knowledge of the determinants of the elasticity of demand and consider the two demand curves you have in part A. A visual inspection clearly indicates the curves are of differing slopes. Take three concrete causes and address why these demand curves have differing slopes. Be certain to explain why. Simply re-stating what is stated in the question already is not answering the question. (10 pts)

Graphs for this assignment must be properly constructed and created using Excel. Prepare your assignment as a Word document with embedded Excel charts. Number each step of the assignment.

Answer 1

If you’re trying to make a graph in Excel I would start by transferring over the list of data into the spreadsheet. Usually you want to make a column for each variable. Then if you go to Insert --> Charts you can pick the one that looks the best for the type of data. I think that since this is a plot for demand I would put price on the y-axis and quantity demanded on the x-axis.

For the next part of the question then you want to use the equation

Ed = (% change in quantity demand) / (% change in price) to compute the value over each interval.

For example when it’s going from $48 to $40 the calculation there would be

Ed = [(12 – 8) / 8)*100] / [(40 – 48)/48*100]

= 50% / -16.67% = -3.00

Usually anything above 1.00 is considered to be evidence of elastic demand so this would be an example of highly elastic demand. You can keep going on in that fashion on the remaining calculations!

I hope that gets you moving in the right direction on this question! Feel free to reach out via message if you have any additional questions beyond that! :)