### Economics Assignment In Tutorial Library

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### TITLE: Economics Assignment

#### CLASS / COURSE: Microeconomics

QUESTION DESCRIPTION:

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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