How to draw price elasticity of demand curve in WPS Office Excel

February 25, 2022
3.0K Views
0

A free Office suite fully compatible with Microsoft Office

Free Download

In this article, you will know how to draw price elasticity of demand curve in excel with simple steps as following:

The demand curve shows the relationship between price and the number of units demanded.

· Step 1: Insert a chart in WPS Spreadsheet.

1. Select the cell range, head to the Insert tab, and click Chart to pop up a dialog.

2. Click Line and then choose a preferred style by clicking Use.

WPS Office provides one template for common users, and you can subscribe for Template Premium to use more templates.

· Step 2: Edit the data source to create a price elasticity of demand chart.

The inserted chart has two lines, referring to the trends of price and quantity respectively, so we need to edit the data source.

Example for all settings

1. Select the inserted chart, head to the Chart Tools tab, and click Select Data to pop up a dialog.

2. Select the entire table as Chart Data Range.

3. Select Data of each column as a series at Series Creation Direction.

4. Select the Quantity at Series and click the delete icon to delete it.

5. Select the Price at Series, click the edit icon and enter “Price Elasticity of Demand” at Series name. And keep the Series values as the cell range of “Price”. Then click OK.

6. Click the edit icon at Category and select the cell range of “Quantity” as the x-axis values. Then click OK.

Now the line chart has been created.

· Step 3: Create the price elasticity of demand curve and beautify the chart.

The free template is a broken line chart by default. To create a price elasticity of demand, we can smoothen the line.

1. Double-click the line to pop up a pane, go to SERIES OPTIONS in the SERIES tab.

2. Check Smoothed line. Then the broken line becomes a curve.

3. You can continue to beautify the chart as needed. Click to watch the video tutorial in WPS Academy to learn how to format a chart.

With these three steps, you are able to draw a price elasticity of demand curve quickly and freely. And the same goes for price elasticity of supply curve. Did you get it?

WPS Office Spreadsheet helps to cope with data. The chart functions allow you to interpret figures explicitly. If you don't know how to get started, WPS Academy will introduce you to formulas and sorting skills step by step.