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KEY_Homework 1

# KEY_Homework 1 - =Sumproduct(B3:D3,B4:D4 3 Write an Excel...

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KEY CORRECT ANSWERS ARE IN BOLD Homework 1 AGEC 352 1. Why is the XY (Scatter) the most appropriate tool for graphing economic functions.  To get some insight into this you might try graphing a function with irregular X  intervals and comparing the line graph (using the X values as labels) to the XY  (Scatter). The XY Scatter is the most appropriate graphing tool for economic functions  because it recognizes the numerical nature of items plotted on both axes.  2. Given the Excel spreadsheet below, write the sumproduct formula that calculates  Total Variable Cost.

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Unformatted text preview: =Sumproduct(B3:D3,B4:D4) 3. Write an Excel formula for Unit Cost of each of the products given the levels indicated in the spreadsheet in Question 3. The unit cost is the average cost per unit. Therefore we can calculate Total cost and divide by the quantity for each product. This formula for product A is given below: =(B2+B3*B4)/B4 Alternatively, since we already know the variable cost per unit, we could calculate the fixed cost per unit and add the two together. This formula for product A is given below: =B3+B2/B4...
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