Follow the instructions attached on Word Document to come up with the solutions on an excel spreadsheet.
Two final comments:
1. It’s often a lot easier to work with the equations than to build a spreadsheet for analysis. It can also be more precise when not every possible price and quantity point can be put in the spreadsheet. Economists generally try to quantify objectives and use equations extensively to solve problems.
2. Even when it’s not possible to quantify relationships precisely (e.g. we don’t know the precise demand equation or cost function), marginal analysis is still a very helpful conceptual tool – we know what we should do to price and output levels if we are reasonably certain that MR > MC or if MR < MC.
Your assignment for submission:
On Blackboard you should submit an Excel spreadsheet. The first tab or sheet should show all of your work replicating everything from this example (above). The second tab should show the same analysis for the following scenario:
Demand: QD = 200 – 2P
Total cost: TC = 1000 + 40Q
In a set of cells at the top of your spreadsheet for this scenario, immediately to the right of the columns showing calculations, please clearly identify the following:
Optimal (profit maximizing) price:
Optimal (profit maximizing) quantity:
Total revenue at this price/quantity combination:
Total cost at this price/quantity combination:
Verify that MR = MC at this point.
**********Do not just give the portion that is already visible in the example. The idea is to recreate the entire spreadsheet all the way down to a price of 0 and then find the profit-maximizing point. (show the proof of this on the Excel Sheet)************
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