Analyze graph using Python Library or create graph using matplotlib - python

I have got graph which need to analyzed and report an Error.As of Now I had a data in Excel data.So I have used xlsxwriter to Create graph.But I need to analyze graph.
1.Solid red line was created using xlsxwriter using excel data and was very easy to implement.
In later Enhancement,
2.In Ideal condition,The formula provided to us, we will have dotted red line. So we need to determine difference and report an error.
So First approach was, write a data in Excel sheet using formula and compare data into Excel sheet and report an error.
But we also need to represent into graph also and we will have upcoming task also in which we require graph (basically 2D and line graph) I have googled and found matplotlib which generally use for create graph. So I have very basic question,
Can anyone suggest me library which can be used for this scenario. it will be great if I have input any standard graph library(cover Line grpah) So I can put effort to familiarize with them. it will save lot of effort of us. we generally create graph for circuit analysis.
Language : Python
Environment : Linux
Library : Should be open source
I know, it is very open ended question.But I thought Let have a opinion who has used graph in Python
or is it possible to create below like diagram using matplotlib

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