Excel Graphing Assignment: Due January 7, 2020 In this HW we will construct a cost of production function and then graph various types of costs using EXCEL. The material covered on this assignment is in Chapter 11. Submit your assignment as an EXCEL document to the dropbox 1. You are given the following total cost function for a firm: TC =(25+ F) +LxQ+0.5xQ2 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 TC =27 +23 x Q+.5 x Q2. a. Calculate TC, TFC, and TVC for the levels of output between Q=0 and Q=30(ie. Q=0, Q=1, Q=2, Q 3,..., Q 29, Q=30). Produce a graph of TC, TFC, and TVC as a function of Q. (Use an xy graph, connect the points, and make sure these curves are all on the same graph.) Hint: Don't use your calculator, use the formula command in Excel which begins with an equal "=" sign. Then, copy and paste. For the TC function above do this: B C D E F 1 TC TFC TVC ATC MC 2 0 =27+23*A2+.5*A2^2 You You do X X do 3 1 Copy the above cell =B3/A3 down B3- B2 A3- A2 2 etc etc etc etc etc b. 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 of Q.(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.)The marginal product of labor schedule for a rm 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. a. Make 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 labor set in. Make a different graph of the marginal product and average product schedules. Put AP]. and MP1. on the vertical axis and L on the horizontal axis. Calculate the MC schedule for the rm if the rm faces a price of labor (the wage) of w=$First and w=$(Ej;st-.Laat), where First=# of the letter corresponding to your rst name and Last=# of the letter corresponding to your last name. Make a third graph of the two MC schedules as a function of Q. (graph MC on the vertical axis and Q on the horizontal axis for each w. Use the xx, graph. The two marginal cost curves should be on the same graph.) MPL=marginal product of labor. (See my notes for Ch. 1 1 for the relation between MC, MP and w.) d. Explain what happens to marginal cost when the price of labor increases