ONLY ANSWER PART B Directions: For each of the following problems you should use EXCEL to calculate the variousmeasures of costs. There are supplemental instructions for each problem. For your final copy toturn in you should make sure that each problem is numbered and that headings are provided foreach column of numbers. You should also provide headings for each problem and graph andother appropriate documentation. Round all numbers to two decimal points.1. You are given the following total cost function for a firm:TC = (25+F) +L xQ+0.5 x(Q²)where F-the number of the letter of the alphabet corresponding to the initial ofyour first name, and L-number of the letter of the alphabet corresponding to theinitial of your last name. For example, if your name were Bill Weber, F=2 andL=23, so (MY NAME IS GABRIEL RIVES)TC = 27+ 23 xQ+ 0.5 × Q.Calculate TC, TFC, and TVC for the levels of output between Q-0 and Q=30 (i.e._Q-0, Q=1, Q=2, Q=3,..., Q=29, Q=30). Make a graph of TC, TFC, and TVC as afunction of Q. (Use an xy graph, connect the points, and make sure these threecurves are all on the same graph.)a.Calculate ATC, AFC, AVC, and MC as a function of Q and produce a graph of theATC, AFC, AVC, and MC curves as a function ofQ. (Again, use xy.graph, connectthe points, and make sure these curves are all on the same graph. Also, since ATC,AFC, AVC, and MC are not defined at Q-0, start your graph using Q=1, not Q=0.)b.

Since it is mentioned to answer only subpart 'b' of the question, only the mentioned subpart is…

Calculate ATC, AFC, AVC, and MC as a function of Q and produce a graph of the ATC, AFC, AVC, and MC curves as a function of Q. (Again, use xy graph, connect the points, and make sure these curves are all on the same graph. Also, since ATC, AFC, AVC, and MC are not defined at Q=0, start your graph using Q-1, not Q=0.)

Calculate ATC, AFC, AVC, and MC as a function of Q and produce a graph of the ATC, AFC, AVC, and MC curves as a function of Q. (Again, use xy graph, connect the points, and make sure these curves are all on the same graph. Also, since ATC, AFC, AVC, and MC are not defined at Q=0, start your graph using Q-1, not Q=0.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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