Supply and demand curve in excel

Supply And Demand Graphs

I have most of the data needed, I just need graphs completed. There are three tabs on the attachment that I need completed ASAP. Just completion of graphs. All information should be there for graphs to be completed. I had submitted this yesterday and the tutor that took it did not complete it by the deadline and I needed this yesterday. I have provided a 4 hour timeframe for completion.

Question 1
Explain using a supply and demand curve the effects of an increase in minimum wage. According to U.S. Department of Labor, effective July 24, 2009, the national minium wage was $7.25/hour; therefore, research the current minimum wage rate on the labor market, identify the number of workers in the labor force in July 2009 and October 2014 to illustrate your conclusions.
Labor Force Statistics form the Currency Population Surveu Original Data Vaue
ANSWER
If labor market is in equilibrium, the wage rate would be W0 and the quantity of labor demanded would be at Q0.
If the government initiatives a minimum wage above the equilibrium wage, we can expect a fall in demand
for labor (from Q0 to Q1) and therefore, there would be excess supply of labor (Q2 – Q2). When there is
lower employment, the most likely scenario is a negative impact of aggregate demand, as people would
spend less, leading to lower aggregate demand.
The national minimum wage rate was $7.50 in the years 2009 through 2014 and currently remains the
same. The civilian labor force participation rate was at 65.5 percent in January 2009 and actual employed
workers stood at 142,152 (in thousands), and actual employed workers stood at 145,092 in January 2014.
There was an increase in labor force participation through these years, but the minimum national wage
remained the same throughout.
GRAPH BELOW
Question 2
In Anywhere, USA, the demand function of a gym membership is Qd = 600-50p+ 0.6Y. Where Qd is quantity demand per month, p is the price of a membership, and Y is the average monthly income in the town. The supply function of gym memberships is Qs =100+20p -20w, where Qs is the number of memberships and w is the average hourly wage of trainers.
a. If Y=$5000 and w = $10, use Excel to calculate quantity demanded and quantity supplied for p=5, 10, 15, 20, 25, 30, 35, 40. Determine excess shortages or surpluses.Use Excel to illustrate the supply and demand curves.
Quantity Demanded Quantity Supplied Price Shortage
3350 0 5 -3350
3100 100 10 -3000
2850 200 15 -2650
2600 300 20 -2300
2350 400 25 -1950
2100 500 30 -1600
1850 600 35 -1250
1600 700 40 -900
b. Assume Y increases to $6875 and w increases to $15. Use Excel to recalculate quantity demanded and quantity supplied for p=5, 10, 15, 20, 25, 30, 35, 40.Illustrate supply and demand curves. Explain the change in equilibrium.
Quantity Demanded Quantity Supplied Price
4475 -100 5
4225 0 10
3975 100 15
3725 200 20
3475 300 25
3225 400 30
2975 500 35
2725 600 40
Question 3
The marketing department of Acme Inc. has estimated the following demand function for it Febreze Car Vent Clip Air Freshener, 1-count: Q = 200-5p,where Q is the quantity (sold in thousand units) and p is the price for one (1) Febreze Care Vent Clip Air Freshener. Using Excel, calculate the point price elasticity of demand, ε, for price, p = 1, 2, 3....., 20. Describe the pattern of price elasticity of demand that you have calculated along the demand curve.
Quantity Price Elasticity (ε)
195 1 Graph as well
190 2 0.04 0.04 should be answer
185 3 0.07
180 4 0.10
175 5 0.13
170 6 0.16
165 7 0.19
160 8 0.23
155 9 0.27
150 10 0.31
145 11 0.36
140 12 0.40
135 13 0.45
130 14 0.51
125 15 0.57
120 16 0.63
115 17 0.70
110 18 0.78
105 19 0.86
100 20 0.95