Use a cell reference or a single formula where appropriate in order to receive full credit. Do not copy and paste values or type values, as you will not receive full credit for your answers.

Start Excel.In cell D15, by using relative and absolute cell references, calculate the total short-run output if the labor level is in cell C15. Copy the formula from cell D15 down the column to cell D35.In cell E16, by using relative and absolute cell references, calculate the average product of labor if the labor level is in cell C16. Copy the formula from cell E16 down the column to cell E35.In cell F16, by using cell references, calculate the marginal product of labor for the labor level in cell C16. Copy the formula from cell F16 down the column to cell F35.In cell G15, by using relative and absolute cell references, calculate the variable cost if the labor level is in cell C15. Copy the formula from cell G15 down the column to cell G35.In cell H15, by using relative and absolute cell references, calculate the total cost if the value of the labor level is in cell C15. Copy the formula from cell H15 down the column to cell H35.In cell I16, by using cell references, calculate the average variable cost if the labor level is in cell C16. Copy the formula from cell I16 down the column to cell I35.In cell J16, by using cell references, calculate the average cost if the labor level is in cell C16. Copy the formula from cell J16 down the column to cell J35.In cell K16, by using cell references, calculate the marginal cost for the labor level in cell C16 as the ratio of the differences in the point values. Copy the formula from cell K16 down the column to cell K35.In cell L16, by using relative and absolute cell references, calculate the ratio of w to AP_L if the labor level is in cell C16. Copy the formula from cell L16 down the column to cell L35.In cell M16, by using relative and absolute cell references, calculate the ratio of w to MP_L if the labor level is in cell C16. Copy the formula from cell M16 down the column to cell M35.In cells C39-J39, insert a Scatter Chart for the average variable cost, the average cost, and the marginal cost.

Inserting a Chart

On the Insert tab, in the Charts group, click the arrow next to Insert Scatter (X,Y) or Bubble Chart and choose Scatter with Smooth Lines Chart.

Selecting Data Series

Then in Select Data Source window, delete any series created automatically.

Add new series for the average variable cost curve using cells D15:D35 for the X values and cells I16:I35 for the Y values. Use I14 as the series name.

Add new series for the average cost curve using cells D15:D35 for the X values and cells J16:J35 for the Y values. Use J14 as the series name.

Add new series for the marginal cost curve using cells D15:D35 for the X values and cells K16:K35 for the Y values. Use K14 as the series name.

Edit Chart Elements

Select design Style 1 for the chart. Go to the Add Chart Elements dropdown list in the Design tab of the Ribbon. Add Cost Curves as the chart title. Add Output per week (q) as the title for the horizontal axis and Cost ($) as the title for the vertical axis.

Chart Position

Set the chart height and width so the entire chart fits within cells C39-J39.In cell L42, determine what happens with the average variable cost when the average product rises.In cell K43, determine what happens with the marginal cost when the marginal product rises.Save the workbook. Close the workbook and then exit Excel. Submit the workbook as directed.