Economics Case 1: : Introduction to Profit Maximization and Marginal Anal

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:

Don't use plagiarized sources. Get Your Custom Essay on
Economics Case 1: : Introduction to Profit Maximization and Marginal Anal
Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT!
Order Essay

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:
Maximum profit:
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)************

Homework Sharks
Calculate your paper price
Pages (550 words)
Approximate price: -

Our Advantages

Plagiarism Free Papers

All our papers are original and written from scratch. We will email you a plagiarism report alongside your completed paper once done.

Free Revisions

All papers are submitted ahead of time. We do this to allow you time to point out any area you would need revision on, and help you for free.

Title-page

A title page preceeds all your paper content. Here, you put all your personal information and this we give out for free.

Bibliography

Without a reference/bibliography page, any academic paper is incomplete and doesnt qualify for grading. We also offer this for free.

Originality & Security

At Homework Sharks, we take confidentiality seriously and all your personal information is stored safely and do not share it with third parties for any reasons whatsoever. Our work is original and we send plagiarism reports alongside every paper.

24/7 Customer Support

Our agents are online 24/7. Feel free to contact us through email or talk to our live agents.

Try it now!

Calculate the price of your order

We'll send you the first draft for approval by at
Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

We work around the clock to see best customer experience.

Pricing

Flexible Pricing

Our prces are pocket friendly and you can do partial payments. When that is not enough, we have a free enquiry service.

Communication

Admission help & Client-Writer Contact

When you need to elaborate something further to your writer, we provide that button.

Deadlines

Paper Submission

We take deadlines seriously and our papers are submitted ahead of time. We are happy to assist you in case of any adjustments needed.

Reviews

Customer Feedback

Your feedback, good or bad is of great concern to us and we take it very seriously. We are, therefore, constantly adjusting our policies to ensure best customer/writer experience.