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Learning Goal: I’m working on a micro economics project and need an explanation and answer to help me learn.Open the excel link
We were supposed to make a product and collect data on that product, but we ended up not getting much data so professor said to just make it up. my product is pretty much doordash but with any stores you want.
On the “Estimate Demand” tab:Enter your estimated quantities in column A
Do not go past row 100. If your data doesn’t fit, alter you quantity steps until it does (i.e. count by 10 instead of 1, etc.)
In cell H2 enter your inverse demand function as text, in cell B2 enter your Inverse Demand function as a formula.
In cell H3 enter your Revenue Function as text, in cell C2 enter your Revenue Function as a formula.
In cell H4 enter your Marginal Revenue Function as text, in cell D2 enter your Marginal Revenue Function as a formula.
Past your formulas (A2, B2, C2, D2) as far as necessary to complete your analysis.
Identify your marginal cost.
Enter your marginal cost in cell E2 and paste as far as necessary.
Highlight maximum revenue and profit as shown.
Complete the well labeled graph of you demand schedule.
On the “Cost Curves” tab:Row A should complete from your input on the “Estimated Demand” tab.
Compute your costs in columns B-E
On the “Graph” tab:Create a well labeled graph showing Q, D, MC, and ATC only.
On the “Know Your Numbers” tab:Answer the questions shown in column A. Write your answers in column B.

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