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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.
SOLUTION DESCRIPTION: Completed Solution is attached. Click on Buy button and then download file to get full solution.
SUBJECTS / CATEGORIES:
1. Business Economics
2. Economics
3. Microeconomics
DOWNLOAD QUESTION FILE:
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