Hello! Please do problem #2 with MY initials. My initial for my first name is “G” and initial for my last name is “R”. 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. The marginal product of labor schedule for a firm is given below for alternative levels oflabor. Calculate the total product schedule, Q, for each level of labor employed. Alsocalculate the average product schedule, APL.2.Produce a graph of the production function. ie, a graph of Q on the vertical axisand L on the horizontal axis. Identify on your graph where diminishing returns toa.labor set in.b.Produce a graph of the marginal product and average product schedules. Put APLand MPL on the vertical axis and L on the horizontal axis.Calculate the MC schedule for the firm if the firm faces a price of labor (the wage)of w-$First and w-$(EirsttLast), where First# of the letter corresponding to yourfirst name and Last# of the letter corresponding to your last name. For instance,B=2, so the wage, w, for the TVC (w=First) column is w=$2. That is, the producerhas to pay a wage of $2 per unit of labor. Produce a graph of the two MC schedulesTas a function of Q. (graph MC on the vertical axis and Q on the horizontal axis forLeach w. Use the xy graph. The two marginal cost curves should be on the samegraph.) MPL-marginal product of labor. (I am providing the columns for TVCbecause you will use it to calculate MC).с.TVCLaborMPL Q=outputAPLTVCMCMC(w-EirsttLast)(w=First)(w-First)(w-EirsttLast)XXXXX115192117156.1371189d.Explain what happens to marginal cost when the price of labor increases.1031

Answered: Image /qna-images/answer/6f181fd0-1199-4764-9ebd-ccc9d7d3aa88.jpg

Directions: For each of the following problems you should use EXCEL to calculate the various measures of costs. There are supplemental instructions for each problem. For your final copy to turn in you should make sure that each problem is numbered and that headings are provided for each column of numbers. You should also provide headings for each problem and graph and other 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(Q³) where F=the number of the letter of the alphabet corresponding to the initial of your first name, and L=number of the letter of the alphabet corresponding to the initial of your last name. For example, if your name were Bill Weber, F=2 and L=23, so (MY NAME IS GABRIEL RIVES) TC = 27 + 23 xQ+0.5 × Q.

Directions: For each of the following problems you should use EXCEL to calculate the various measures of costs. There are supplemental instructions for each problem. For your final copy to turn in you should make sure that each problem is numbered and that headings are provided for each column of numbers. You should also provide headings for each problem and graph and other 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(Q³) where F=the number of the letter of the alphabet corresponding to the initial of your first name, and L=number of the letter of the alphabet corresponding to the initial of your last name. For example, if your name were Bill Weber, F=2 and L=23, so (MY NAME IS GABRIEL RIVES) TC = 27 + 23 xQ+0.5 × Q.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Hello! Please do problem #2 with MY initials. My initial for my first name is “G” and initial for my last name is “R”.

Directions: For each of the following problems you should use EXCEL to calculate the various
measures of costs. There are supplemental instructions for each problem. For your final copy to
turn in you should make sure that each problem is numbered and that headings are provided for
each column of numbers. You should also provide headings for each problem and graph and
other 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 of
your first name, and L-number of the letter of the alphabet corresponding to the
initial of your last name. For example, if your name were Bill Weber, F=2 and
L=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 a
function of Q. (Use an xy graph, connect the points, and make sure these three
curves are all on the same graph.)
a.
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 ofQ. (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.)
b.

The marginal product of labor schedule for a firm is given below for alternative levels of
labor. Calculate the total product schedule, Q, for each level of labor employed. Also
calculate the average product schedule, APL.
2.
Produce a graph of the production function. ie, a graph of Q on the vertical axis
and L on the horizontal axis. Identify on your graph where diminishing returns to
a.
labor set in.
b.
Produce a graph of the marginal product and average product schedules. Put APL
and MPL on the vertical axis and L on the horizontal axis.
Calculate the MC schedule for the firm if the firm faces a price of labor (the wage)
of w-$First and w-$(EirsttLast), where First# of the letter corresponding to your
first name and Last# of the letter corresponding to your last name. For instance,
B=2, so the wage, w, for the TVC (w=First) column is w=$2. That is, the producer
has to pay a wage of $2 per unit of labor. Produce a graph of the two MC schedules
Tas a function of Q. (graph MC on the vertical axis and Q on the horizontal axis for
Leach w. Use the xy graph. The two marginal cost curves should be on the same
graph.) MPL-marginal product of labor. (I am providing the columns for TVC
because you will use it to calculate MC).
с.
TVC
Labor
MPL Q=output
APL
TVC
MC
MC
(w-EirsttLast)
(w=First)
(w-First)
(w-EirsttLast)
XX
X
X
X
1
15
19
21
17
15
6.
13
7
11
8
9
d.
Explain what happens to marginal cost when the price of labor increases.
10
31

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