Economics Assignment In Tutorial Library

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TITLE: Economics Assignment

CLASS / COURSE: Microeconomics

QUESTION DESCRIPTION:

C. Spreadsheet Analysis

Please complete (in Microsoft Excel document) the following problems from Hirschey textbook (Use Excel formulas):

Problem # 1 (13 points)

1.      Fill in the missing data for price (P), total revenue (TR), marginal revenue (MR), total cost (TC), marginal cost (MC), profit (π), and marginal profit (Mπ) in the following table:

 

Q

 P

TR=P×Q

MR=ΔTR/ΔQ

TC

MC=ΔTC/ΔQ

π

Mπ=Δπ/ΔQ

0

$160

$0

na 

$0

0

$0

na 

1

150

150

150

25

25

125

125

2

140

----

----

55

30

----

100

3

----

390

----

----

35

300

75

4

----

----

90

130

----

350

----

5

110

550

----

175

----

----

----

6

----

600

50

----

55

370

----

7

----

630

----

290

60

----

-30

8

80

640

----

355

----

285

----

9

----

----

----

----

75

----

-85

10

----

600

----

525

----

----

----

 

 

2.      Graph the firm’s total cost curve, total revenue curve, and total profit curve.

 

Problem # 2 (8 points)

Given the output (Q) and price (P) data in the following table:

1.      Fill in the missing data for total revenue (TR) and marginal revenue (MR) in the following table).

 

 

 

Total Revenue

Marginal Revenue

Quantity

Price

TR=P×Q

MR=ΔTR/ΔQ

0

$10

----------

----------

1

9

----------

----------

2

8

----------

----------

3

7

----------

----------

4

6

----------

----------

5

5

----------

----------

6

4

----------

----------

7

3

----------

----------

8

2

----------

----------

9

1

----------

----------

10

0

----------

----------

 

 

2.      Graph the firm’s demand curve and marginal revenue curve.

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SUBJECTS / CATEGORIES:
1. Business Economics
2. Economics
3. Microeconomics

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