Use the information for average weekly figures to derive formulas to complete the information in the table below: (Items 15-23) Hint: Use the information and formulas in the table to help you complete this process. Blue Shark Revenues: Average weekly sales figures based upon varying the price of the average surfboard Fixed Costs: Weekly Fixed Costs: Rent $500, Insurance $50, Utilities $25, Misc. $25 Variable Costs: The average cost to produce a surfboard: $50 Complete Table Below (1-9): sum all of the fixed costs from Price x Quatity above. TFC does not vary from unit to Unit variable Total cost (average Variable Cost variable) x Quantity AVC x Q Total Revenue - Total Cost TR - TC Change in (Total Revenue) /(Change in |Quantity) Change in (Total Cost) /(Change in Quantity) Total Cost/ Quantity TC/Q Total Variable Cost W Quantity TVC / Q + Total Fixed Cost TFC + Basic Formula PxQ TVC EXcel Tormulas TOT the VarIous TUnCtIOns: USing it the power of Excel (first row formulas) use Fill Down function to complete each column to save yourself from creating a calculation in each cell (very time-consuming). Ignore the : mark when creating the formulas. See the next worksheet for instructios for using the fill- down function :=sum(d15- :=sum(g15- :=d14-g14 d14)/c15- g14)/(c15- =g15/c15 c14) :=b14c14 Enter figure :=50C14 :=e14+f14 :=f15/c15 c14) 1) Total Revenue 2) Total Fixed Cost (TFC) 3) Total Variable Cost 4) Total Cost 6) Marginal 7) Marginal Revenue (MR) Cost (MC) 8) Average Total Cost |(ATC) 9) Average Variable Cost |(AVC) Price/Demand Curve |Quantity $300 $290 $280 (surfboards) (TR) (TVC) |(TC) 5) Profit 2 3

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Use the information for average weekly figures to derive formulas to complete the information in the table below: (Items 15-23) Hint: Use the information and formulas in the table to help you complete this process.

Revenues: Average weekly sales figures based upon varying the price of the average surfboard. Fixed Costs: Weekly Fixed Costs: Rent $500, Insurance $50, Utilities $25, Misc. $25. Variable Costs: The average cost to produce a surfboard: $50

Blue Shark Surf Shop, Santa Cruz, California
Use the information for average weekly figures to derive formulas to complete the information in the table below: (Items 15-23)
Hint: Use the information and formulas in the table to help you complete this process.
Blue Shark
Revenues: Average weekly sales figures based upon varying the price of the average surfboard
Fixed Costs: Weekly Fixed Costs: Rent $500, Insurance $50, Utilities $25, Misc. $25
Variable Costs: The average cost to produce a surfboard: $50
Complete Table Below (1-9):
|Sum all or the
fixed costs from
Price x Quatity above. TFC
does not vary
from unit to
Unit variable Total
cost (average Variable Cost
variable) x
Quantity
AVC x Q
Total
Revenue -
Total Cost
TR - TC
Change in
(Total
Revenue)
/(Change in
Quantity)
Change in
(Total Cost) Quantity
/(Change in
Quantity)
Total
Variable Cost
/ Quantity
TVC /Q
Total Cost /
Basic Formula
+ Total Fixed
PxQ
Cost TFC +
TVC
TC /Q
unit
EXcel Tormulas Tor the varlouS Tunctions: USing
the power of Excel (first row formulas) use Fill
Down function to complete each column to save
yourself from creating a calculation in each cell
:=sum(d15- :=sum(g15-
d14)/(c15- g14)/c15-
c14)
:=b14*c14
Enter figure
:=50*C14
:=e14+f14
:=d14-g14
:=g15/c15
:=f15/c15
(very time-consuming). Ignore the : mark
when creating the formulas. See the next
worksheet for instructios for using the fill-
down function.
c14)
3) Total
Variable Cost 4) Total Cost
8) Average
Total Cost
|(ATC)
9) Average
Variable Cost
Price/Demand Curve
1) Total Revenue 2) Total Fixed
(TR)
7) Marginal
6) Marginal
Revenue (MR) Cost (MC)
(surfboards)
Quantity
$300
Cost (TFC)
(TVC)
|(TC)
5) Profit
(AVC)
$290
2
$280
3

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