This visual execution traces how to format dates on a matplotlib plot using mdates. First, we import matplotlib.pyplot as plt and matplotlib.dates as mdates, along with datetime and timedelta for date creation. We create a list of dates starting from today and increasing by one day for 5 days. We also create a list of values to plot. We plot the dates against values using plt.plot. Then, we set the x-axis major formatter to a DateFormatter with the format '%Y-%m-%d', which formats dates as year-month-day. Finally, we show the plot with plt.show(), which opens a window displaying the line plot with nicely formatted date labels on the x-axis. Variables 'dates' and 'values' hold the data, and the formatting is applied to the x-axis ticks. Key points include using plt.gca() to get the current axes and applying the formatter to the x-axis, understanding the date format string, and knowing that matplotlib internally converts dates to numbers but displays formatted dates. The quiz questions check understanding of variable states, step actions, and date format effects.