In this problem, you will determine the price, quantity demanded, and profit for the monopolized industry.
|1||Start Excel. Download and open the workbook named: Chapter_6_Monopoly_Problem_3_Start.||0|
|2||In cell F9, by using cell references, calculate the total revenue. Use cells C9 and D9. Copy the formula from cell F9 down the column to cell F23.||1|
|3||In cell G10, by using cell references, calculate the marginal revenue. Use cells C9, F9, C10, and F10. Copy the formula from cell G10 down the column to cell G23.||1|
|4||In cell H10, by using cell references, calculate the marginal cost. Use cells C9, E9, C10, and E10. Copy the formula from cell H10 down the column to cell H23.||1|
|5||In cell D25, by using a cell reference, determine the price charged for entrance to the tourist attraction. Refer to an appropriate cell among D9-D23.||1|
|6||In cell D26, by using a cell reference, determine the demand corresponding to the price in cell D25. Refer to an appropriate cell among C9-C23.||1|
|7||In cell D28, by using cell references, calculate the profit corresponding to the price in cell D25 and the quantity demanded in cell D26. Use the appropriate cells among E9–F23.||1|
|8||Save the workbook. Close the workbook and then exit Excel. Submit the workbook as directed.||0|
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