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TITLE: Spreadsheet Analysis

CLASS / COURSE: Economics

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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