Instructions for Final exam

• Date: 22 December 2023

• Venue: WIUT Sports Hall
• Time: 2 hours 15 minutes
• Topics covered: 7, 8, 9, 10, 11
• Number of problems: 6 (six)
• INSTRUCTIONS TO CANDIDATES:
ANSWER ALL QUESTIONS IN DETAIL, SHOWING ALL YOUR WORK. ANSWERS
WITH NO EVIDENCE OF CALCULATIONS WILL NOT SCORE ANY MARKS.
NO BOOKS, NOTES, ELECTRONIC DEVICES OR ANY SORT OF ASSISTING
MATERIALS ARE ALLOWED.
ONLY NON-PROGRAMMABLE CALCULATORS ARE ALLOWED.
ROUND YOUR NUMBERS TO TWO DECIMAL PLACES AND TO FOUR
DECIMAL PLACES IN MONEY-RELATED PROBLEMS.
Farrukh Ataev 2023-2024
TW12 seminars
The seminars in TW12 will take place on:

Group Date Time Computer Room

1 Tues 28 Nov 09:00-11:00 Sh305
2 Tues 28 Nov 11:00-13:00 Sh408
3 Fri 1 Dec 16:00-18:00 Sh305
4 Fri 1 Dec 09:00-11:00 IB208
5 Fri 1 Dec 14:00-16:00 Sh305
6 Thurs 30 Nov 09:00-11:00 Sh305
7 Tues 28 Nov 13:00-15:00 Sh305
8 Tues 28 Nov 16:00-18:00 Sh303
9 Mon 4 Dec 12:00-14:00 IB208

Farrukh Ataev 2023-2024

Academic Year 2023-2024
Semester 1

Mathematics for Economists

(4ECON007C, Core, short: MfE)

Lecture 11 MS Excel applications Farrukh Ataev

Email: [email protected]
November 2023

Farrukh Ataev 2023-2024

Outline
• Entering formulas
• Drawing graphs
• Solving simultaneous linear equations by Cramer’s method
• Solving linear programming problem with Solver tool.

Farrukh Ataev 2023-2024

I. Entering formulas: Algebra
• A formula is inserted after the equal sign (=), which alerts Excel that a formula or a
function and not a text is being entered.
• A formula should comply with the order of operations (BEDMAS: brackets, exponents,
division, multiplication, addition, subtraction).

A B C D Example: Evaluate:
1 x A
= 3  +  − 1 +  +  + 2 +  for  = 1 and 2.
2 1 14.39
= 3*C2^2+sqrt(C2-1)+C2^(1/3)+abs(C2+2)+exp(2*C2)
3 2 72.86

Farrukh Ataev 2023-2024

I. Entering formulas: Economics
Example: A shop registered the following data at its toy department during a year.
A B C D E F G H I J
Wholesale Retail In Cell J2 type:
1 Item Sales Profit = (F2 – D2)*H2
price ($) price ($)
2 Badminton racket 28 58 236 7080
3 Doll 36 85 785 38465
4 Silly Putty 1 2 472 472
5 Paddling Pool 56 220 208 34112
6 Building bricks 8 26 582 10476 In Cell J7 type:
7 Total 2283 90605 = sum(J2:J6)

Farrukh Ataev 2023-2024

I. Entering formulas: Finance
Compound interest: Enter the formula for one of the three types of interest compounding:
 
= 1+  = 1+ = 

Annual: Multiple: Continuous:

Case: A principal of $10,000 is to be invested in one of the following banks:

a) Bank A offers 4.75% interest, compounded annually
b) Bank B offers 4.70% interest, compounded semi-annually
c) Bank C offers 4.65% interest, compounded quarterly
d) Bank D offers 4.6% interest, compounded continuously
Which of these banks would you recommend for 5-year period?

Farrukh Ataev 2023-2024

I. Entering formulas and functions: Finance

= 10000*(1+0.0465/4)^(4*5) or = 10000*exp(0.046*5) or
= FV(0.0465/4, 4*5, 0, -10000) = FV(0.046/10^6, 10^6*5, 0, -10000)

A B C D E

1 Bank A Bank B Bank C Bank D

2 12611.60 12614.74 12600.60 12586.00
3

= 10000*(1+0.0475)^5 or = 10000*(1+0.047/2)^(2*5) or
= FV(0.0475, 5, 0, -10000) = FV(0.047/2, 2*5, 0, -10000)

Farrukh Ataev 2023-2024

II. Drawing graphs
• Create a table of values of x and y
• Select the table, then “Insert” menu, “Scatter” in “Charts” block
• Optimize the graph
Example: Graph of  = 3 + 2,  = −2  + 4 − 6,  = for −3 ≤  ≤ 3.
A B C D
1 x y = 5x + 10 y = –2x^2 + 4x – 3 y = e^x + 1
2 -3 -5 -33 1.05 = exp(A2)+1
3 -2 0 -19 1.14
4 -1 5 -9 1.37
5 0 10 -3 2.00 = -2*A2^2+4*A2-3
6 1 15 -1 3.72
7 2 20 -3 8.39
8 3 25 -9 21.09
= 5*A2+10
Farrukh Ataev 2023-2024
II. Drawing graphs

Farrukh Ataev 2023-2024

III. Solving systems of equations: Cramer’s method

1. Create the simultaneous linear equations with the given conditions of a problem;
2. Identify the system matrix and all unknown matrices;
3. In free cells enter a function “mdeterm” and select the matrices to calculate their
determinants;
4. Find the unknowns by inserting appropriate formulas.
Case: A company manufactures three types of products (let’s denote them by A, B and C).
For the production of A it is required 1, 1, and 1 units of metal, wood and fabric,
respectively.
For the production of B it is required 2, 4, and 6 units and for C it is needed 3, 8, and 6 units
of metal, wood and fabric, respectively.
How many products of each kind did the company make if 26, 46 and 52 units of metal,
wood and fabric were utilized, respectively?

Farrukh Ataev 2023-2024

III. Solving systems of equations: Cramer’s method

 + 2 + 3 = 26
 + 4 + 8 = 46
 + 6 + 6 = 52

1 2 3 26 2 3 1 26 3 1 2 26

= 1 4 8 ,
= 46 4 8 ,
 = 1 46 8 ,
 = 1 4 46
1 6 6 52 6 6 1 52 6 1 6 52

−140
 −70
−28

= = = 10,  = = = 5,  = = =2

−14
−14
−14

Farrukh Ataev 2023-2024

III. Solving systems of equations: Cramer’s method
A B C D E F G H I J
1 A= 1 2 3 Ax = 26 2 3
2 1 4 8 46 4 8
=mdeterm(C1:E3)
3 1 6 6 52 6 6
4 |A| = - 14 |Ax| = - 140 =mdeterm(H1:J3)
5 x= 10
=mdeterm(C7:E9) 6 =H4/C4
7 Ay = 1 26 3 Az = 1 2 26
8 1 46 8 1 4 46
9 1 52 6 1 6 52
10 |Ay| = - 70 |Az| = - 140 =mdeterm(H7:J9)
11 y= 5 z= 10
=C10/C4 =H10/C4
Farrukh Ataev 2023-2024
IV. Solving linear programming: Solver tool

• Identify an objective function as well as all

constraints;
• Choose cells to indicate decision variables;
• Insert the objective function as well as all
constraints as a formula into different cells
referring to the cells containing decision
variables;
• Use “Solver” tool to set up and solve linear
programming problem.
• If “Solver” tool is absent in “Data” menu, activate
it by selecting “File” menu, then “Options”, “Add-
Ins”, then click the button “Go…” next to
“Manage” and finally ticking “Solver Add-in”

Farrukh Ataev 2023-2024

IV. Solving linear programming: Solver tool

2 + 5 ≤ 20
+ ≤5
Example: Maximize 3 + 6 subject to the set of inequalities
≥0
.
≥0
Input Output
A B A B
1 x= 1 x= 1.67
2 y= 2 y= 3.33
1. Insert the 3 3
=3*B1+6*B2
conditions on 4 Objective function: 0 4 Objective function: 25.00
=2*B1+5*B2
the right 5 Constraint 1: 0 5 Constraint 1: 20.00
2. Set up Solver 6 Constraint 2: 0 =B1+B2 6 Constraint 2: 5.00
tool and solve 7 Constraint 3: 0 =B1 7 Constraint 3: 1.67
8 Constraint 4: 0 8 Constraint 4: 3.33
=B2
Farrukh Ataev 2023-2024
Thank you and Good luck!

Ikrom Rikhsiboev Farrukh Ataev Ulugbek Rahimov Dilmurod Bekbaev

Seminar lecturer ML, Lecturer, Seminar lecturer Seminar lecturer
Seminar lecturer

Farrukh Ataev 2023-2024