Dr. Westerhold
Econ 330
HW Excel Assignment due Monday, December 6th (no late assignments will be accepted)
This assignment counts as TWO homework grades.
When you turn in this assignment you must provide the following for full credit:
 Excel printout of data you’ve created in table form. Output that does not conform to acceptable
readability standards will be penalized 20% (if your data is printed across multiple pages please
make sure the column headings appear on each page)

Excel printout of formulas (on dataset hit CTRL ` which is located in the upper-left of most
keyboards -- and it will show your formulas).

Excel printout of the monopoly graph /perfect competition graph (#8)

Excel printout of revenue maximization graph (#9)

Excel printout of cost minimization graph (#10)

A TYPED answer sheet providing answers to all of the follow up questions showing your work.
Preparing Your Spreadsheet for Analysis
 Each of you will be given individual demand and total cost equations provided at the end of this
worksheet. Use the given equations to create the remaining data columns as directed below.

Create columns for Price, Quantity, Total Fixed Cost, Total Variable Cost, Total Cost, Marginal Cost,
Average Fixed Cost, Average Variable Cost, Average Total Cost, Total Revenue, Marginal Revenue,
and Profit over the quantity range of 0-60 in 1/4 unit increments (e.g. 0, 0.25, 0.5, 0.75, etc).
Monopoly Exercises
1. Determine the profit maximizing price and output level for the monopoly firm using your excel
spreadsheet. Also, determine total profits. Highlight this row of data and label it “monopoly”
2. Confirm the monopoly profit max price and quantity analytically by solving algebraically for the
firm’s profit maximizing quantity and determining price and profits. Show your work. Round
your quantity to 1/4 unit so it is consistent with your excel data.
3. Determine the price elasticity of demand (Ed) at the profit maximizing output level. Categorize
your number as elastic or inelastic.
Perfect Competition Exercises
4. Now assume this industry is characterized by perfect competition and not a monopoly.
Algebraically determine the profit maximizing price and quantity for the perfectly competitive
firm (Round your quantity to ¼ unit). Also determine profits.
5. Verify your algebraic calculation by using your excel chart. Highlight this row of data and label it
“perfect competition”.
6. Briefly compare the profit max price, quantity, and profits of perfect competition to that of the
monopoly. Show a quick comparison of price, quantity and profits. Is this what you expected?
Why or why not?
7. Determine the price elasticity of demand (Ed) at the profit maximizing output level. Categorize
your number as elastic or inelastic.
8. Create one graph showing the pricing and output strategies of monopoly and perfect
competition.
Other pricing strategies:
9. Algebraically, determine the revenue maximizing price and quantity for a firm. Highlight this
row of data on your spreadsheet and label it “revenue maximization”. Create a graph showing
the revenue maximizing output level.
10. Algebraically, determine the cost minimizing price and quantity for a firm. Highlight this row of
data on your spreadsheet and label it “cost minimization”. Create a graph showing the cost
minimizing output level
End of Assignment.
Individual Demand and Total Cost Equations
Name
AL ISMAIL HADI ADEL
ALDERMAN MATTHEW J
BRUGH BLAINE M
BUGDAL NORBERT
DARKO AJOA H
DENZER GREGORY M
DEVEREUEAWAX J E
GILBERT ROSS HARRY
KEMBLE SPENCER B
KORCHIYEV EMIL
MANTOBAYE M
MOHAMED MOHAMED H
PETERS TRAVIS W
PRICE JORDAN
PURSLEY IMMANUEL W
ROH JUN SIK
SERDYUCHENKO Y S
SMITH ARLENE ODETTE
STEENBERG BARRET A
TEDLA HANNA AKBEROM
THOENEN JAMES F
WEAVER BRADLEY SCOTT
WOLEK BRAD
ZMICH KENCIE
Demand Equation
Total Cost Equation
P=200-4.2Q
TC=100 + 15Q + 1.4Q2
P=250-4.3Q
TC=125+10Q+1.8Q2
P=225-3.8Q
TC=150 +12.5Q +1.3Q2
P=400-4.1Q
TC=100 + 15Q + 1.4Q2
P=200-4.2Q
TC=100 + 15Q + 1.4Q2
P=400-4.1Q
TC=100 + 15Q + 1.4Q2
P=250-4.3Q
TC=150 +12.5Q +1.3Q2
P=225-3.8Q
TC=100 + 15Q + 1.4Q2
P=250-4.3Q
TC=125+10Q+1.8Q2
P=225-3.8Q
TC=125+10Q+1.8Q2
P=400-4.1Q
TC=100 + 15Q + 1.4Q2
P=250-4.3Q
TC=125+10Q+1.8Q2
P=400-4.1Q
TC=100 + 15Q + 1.4Q2
P=225-3.8Q
TC=150 +12.5Q +1.3Q2
P=400-4.1Q
TC=100 + 15Q + 1.4Q2
P=200-4.2Q
TC=115 + 11Q +0.8Q2
P=225-3.8Q
TC=125+10Q+1.8Q2
P=400-4.1Q
TC=100 + 15Q + 1.4Q2
P=250-4.3Q
TC=150 +12.5Q +1.3Q2
P=200-4.2Q
TC=100 + 15Q + 1.4Q2
P=225-3.8Q
TC=100 + 15Q + 1.4Q2
P=200-4.2Q
TC=125+10Q+1.8Q2
P=250-4.3Q
TC=150 +12.5Q +1.3Q2
P=200-4.2Q
TC=100 + 15Q + 1.4Q2