CAN SOMEONE PLEASE HELP WITH EXCEL FORMULAS AND COMPLETING THIS PROBLEM?

Consider the market for corn in the United States. We are going to use Excel to examine changes in consumer and producer surplus in a competitive market when the market is not in equilibrium. Suppose the demand and supply functions for corn are as follows. QDQS==1000+14.55.5PP Where Q is bushels of corn (in billions) and P is the market price per bushel. Using the template provided, enter the coefficients for demand and supply. When the market isn't in equilibrium, only the minimum of QD and QS values will actually be sold. Once you have this set up, answer the following questions. b) What happens to consumer, producer, and total surplus as you increase the price from $3 to the equilibrium? Start price =$3.00 c) Now increase the price from the equilibrium by $.25 two times. What happens to the market quantity, consumer, producer, and total surplus as you increase the price to a level higher than the equilibrium? Price increment =$$25 Th d) Explain the effect of changing the price away from the equilibrium on the market efficiency. The further away from the equilibrium, the total surplus in the market meaning the dead-weight loss. 5 In cell E25, by using cell references, calculate the market quantity corresponding to the price in cell E24. Use the Excel MIIN function and cells D14-E14. In cells E26,G26, and J26, do the following: In cell G26, by using cell references, calculate the consumer surplus corresponding to the price in cell E24 and the quantity in cell E25. Use cells D10-D11 and E24-E25. c11 In cell J26, by using cell references, calculate the consumer surplus corresponding to the price in cell G21 and the quantity in cell G22. Use cells D10-D11 and G21-G22. In cell E26, determine what happens to consumer surplus when the price increases from $3 to the equilibrium. In cells E27,G27, and J27, do the following: In cell G27, by using cell references, calculate the producer surplus corresponding to the price in cell E24 and the quantity in cell E25. Use cells E24 and E25. 7 In cell J27, by using cell references, calculate the producer surplus corresponding to the price in cell G21 and the quantity in cell G22. Use cells G21 and G22. In cell E27, determine what happens to producer surplus when the price increases from $3 to the equilibrium. In cells E28,G28, and J28, do the following: In cell G28, by using cell references, calculate the total surplus corresponding to the price in cell E24 and the quantity in cell E25. Use cells G26 and G27. 8 In cell J28, by using cell references, calculate the total surplus corresponding to the price in cell G21 and the quantity in cell G22. Use cells J26 and J27. In cell E28, determine what happens to total surplus when the price increases from $3 to the equilibrium. In cell D32, by using cell references, calculate the price increased from the equilibrium by $0.25. Use cells G21 and E30. 9 In cell D33, by using cell references, calculate the price increased from the price in cell D32 by $0.25. Use cells E30 and D32. 10 In cell E32, by using relative and absolute cell references, calculate the quantity demanded corresponding to the price in cell D32. Use cells D10-D11 and D32. Copy the formula from cell E32 down the column to cell E33. 11 In cell F32, by using relative and absolute cell references, calculate the quantity supplied corresponding to the price in cell D32. Use cells G10-G11 and D32. Copy the formula from cell F32 down the column to cell F33. 12 In cell G32, by using cell references, calculate the market quantity corresponding to the price in cell D32. Use the Excel MIIN function and cells E32-F32. Copy the formula from cell G32 down the column to cell G33. In cell H32, by using relative and absolute cell references, calculate the consumer surplus corresponding to the price in cell 13 D32 and the quantity in cell G32. Use cells D10-D11, D32, and G32. Copy the formula from cell H32 down the column to cell H33. 14 In cell I32, by using relative and absolute cell references, calculate the producer surplus corresponding to the price in cell D32 and the quantity in cell G32. Use cells G11, D32, and G32. Copy the formula from cell I32 down the column to cell I33. 15 In cell J32, by using cell references, calculate the total surplus corresponding to the price in cell D32 and the quantity in cell G32. Use cells H32 and I32. Copy the formula from cell J32 down the column to cell J33. 16 In cells E34,H34,E35, and H35, determine what happens to consumer surplus, producer surplus, market quantity, and total surplus, respectively, when the price increases above the equilibrium. 17 In cells F37 and J37, determine the effect of changing the price away from the equilibrium on the market efficiency. Consider the market for corn in the United States. We are going to use Excel to examine changes in consumer and producer surplus in a competitive market when the market is not in equilibrium. Suppose the demand and supply functions for corn are as follows. QDQS==1000+14.55.5PP Where Q is bushels of corn (in billions) and P is the market price per bushel. Using the template provided, enter the coefficients for demand and supply. When the market isn't in equilibrium, only the minimum of QD and QS values will actually be sold. Once you have this set up, answer the following questions. b) What happens to consumer, producer, and total surplus as you increase the price from $3 to the equilibrium? Start price =$3.00 c) Now increase the price from the equilibrium by $.25 two times. What happens to the market quantity, consumer, producer, and total surplus as you increase the price to a level higher than the equilibrium? Price increment =$$25 Th d) Explain the effect of changing the price away from the equilibrium on the market efficiency. The further away from the equilibrium, the total surplus in the market meaning the dead-weight loss. 5 In cell E25, by using cell references, calculate the market quantity corresponding to the price in cell E24. Use the Excel MIIN function and cells D14-E14. In cells E26,G26, and J26, do the following: In cell G26, by using cell references, calculate the consumer surplus corresponding to the price in cell E24 and the quantity in cell E25. Use cells D10-D11 and E24-E25. c11 In cell J26, by using cell references, calculate the consumer surplus corresponding to the price in cell G21 and the quantity in cell G22. Use cells D10-D11 and G21-G22. In cell E26, determine what happens to consumer surplus when the price increases from $3 to the equilibrium. In cells E27,G27, and J27, do the following: In cell G27, by using cell references, calculate the producer surplus corresponding to the price in cell E24 and the quantity in cell E25. Use cells E24 and E25. 7 In cell J27, by using cell references, calculate the producer surplus corresponding to the price in cell G21 and the quantity in cell G22. Use cells G21 and G22. In cell E27, determine what happens to producer surplus when the price increases from $3 to the equilibrium. In cells E28,G28, and J28, do the following: In cell G28, by using cell references, calculate the total surplus corresponding to the price in cell E24 and the quantity in cell E25. Use cells G26 and G27. 8 In cell J28, by using cell references, calculate the total surplus corresponding to the price in cell G21 and the quantity in cell G22. Use cells J26 and J27. In cell E28, determine what happens to total surplus when the price increases from $3 to the equilibrium. In cell D32, by using cell references, calculate the price increased from the equilibrium by $0.25. Use cells G21 and E30. 9 In cell D33, by using cell references, calculate the price increased from the price in cell D32 by $0.25. Use cells E30 and D32. 10 In cell E32, by using relative and absolute cell references, calculate the quantity demanded corresponding to the price in cell D32. Use cells D10-D11 and D32. Copy the formula from cell E32 down the column to cell E33. 11 In cell F32, by using relative and absolute cell references, calculate the quantity supplied corresponding to the price in cell D32. Use cells G10-G11 and D32. Copy the formula from cell F32 down the column to cell F33. 12 In cell G32, by using cell references, calculate the market quantity corresponding to the price in cell D32. Use the Excel MIIN function and cells E32-F32. Copy the formula from cell G32 down the column to cell G33. In cell H32, by using relative and absolute cell references, calculate the consumer surplus corresponding to the price in cell 13 D32 and the quantity in cell G32. Use cells D10-D11, D32, and G32. Copy the formula from cell H32 down the column to cell H33. 14 In cell I32, by using relative and absolute cell references, calculate the producer surplus corresponding to the price in cell D32 and the quantity in cell G32. Use cells G11, D32, and G32. Copy the formula from cell I32 down the column to cell I33. 15 In cell J32, by using cell references, calculate the total surplus corresponding to the price in cell D32 and the quantity in cell G32. Use cells H32 and I32. Copy the formula from cell J32 down the column to cell J33. 16 In cells E34,H34,E35, and H35, determine what happens to consumer surplus, producer surplus, market quantity, and total surplus, respectively, when the price increases above the equilibrium. 17 In cells F37 and J37, determine the effect of changing the price away from the equilibrium on the market efficiency