Project 1 Outline -- (Subject to Modification)This document is intended to be an outline of what you need to do in Excel to solve Project 1 in Math 115B. As always, you will need to know why each one of the steps is being performed. Follow each of the steps carefully, and if you are unsure about anything, consult your text and/or come ask me for help. Note: All of your columns in your Excel workbook should be labeled. In some situations, I have specifically stated what it should be labeled. In all other cases, it is up to your discretion.Generating the Marginal Functions – in sheet labeled “Marginal”Generating the calculations -- in a sheet labeled “Calculations”Project 1 Outline -- (Subject to Modification)This document is intended to be an outline of what you need to do in Excel to solve Project 1 in Math 115B. As always, you will need to know why each one of the steps is being performed. Follow each of the steps carefully, and if you are unsure about anything, consult your text and/or come ask me for help. Note: All of your columns in your Excel workbook should be labeled. In some situations, I have specifically stated what it should be labeled. In all other cases, it is up to your discretion. 0. Open a new Excel workbook. Save it as “TeamX SectionX.xls” where you fill in the appropriate X. 1. Copy your data and questions over to an Excel worksheet and label it “Data”. Make sure to annotate your sheet by including your Section number, Team number and your names.Generating the Functions – in a sheet labeled “Functions”2. Copy your data over from the sheet labeled “Data” – copy the cell references not the actual numbers – do not forget to rewrite your numbers for the potential national market, quantity, and fixed cost to reflect the proper units.3. Add a cell next to the Potential National Market in which you can enter the demand factor (default is 1). This cell should be labeled “Demand Factor”.4. Add a column next to “Projected Yearly Sales” called “New Projected Yearly Sales” and create a formula that generates new values for this column when the demand factor is changed. To do this, you will need to multiply the original projected yearly sales by the demand factor (default demand factor is 1).5. Add a cell next to the “Demand Factor” cell in which you can enter the marginal cost factor (default is 1). This cell should be labeled “Marginal Cost Factor”.6. Add a column next to “Marginal Cost” called “New Marginal Cost” and create a formula that generates new values for this column when the marginal cost factor is changed. To do this, you need to multiply the original marginal costs by the marginal cost factor. 7. Use your test market data to come with 8 data points. 8. Graph your 8 data points and fit an order 2, polynomial trend line to the points.9. Display the equation for the trend line – make sure the coefficients are out to 8 decimal places.10. Copy the coefficients into 3 cells labeling them a, b, and c – use these cells as your cell references when generating values of D(q).11. Generate values for D(q) using your demand function – you will need at least 1500 values for D(q). Plot D(q), labeling your axes with the proper units.12. Generate values for R(q) – do not forget to divide by 1000. Plot R(q), labeling your axes with the proper units.13. Generate values for C(q) using the COST function (use cell references). You will have to copy it over from Marketing Focus.xls. Graph C(q) and R(q) on the sameset of axes, labeling your axes with the proper units.14. Generate values for P(q) and graph it, labeling your axes with the proper units.15. Generate new values for your projected yearly sales by changing the demand factor (refer to question #7 to see what your new demand factor should be).16. Using the new values for projected yearly sales, come up with 8 ordered pairs andgraph them (as you did in step #7).17. Fit an order 2, polynomial trend line to the points and show the new equation. Make sure the coefficients are out to 8 decimal points.18. Copy the coefficients into three cells (next to the original coefficients) and call them d, e, and f.19. Generate new marginal cost values by changing the marginal cost factor (refer to question #8 to see what your new marginal cost factor should be).Generating the Marginal Functions – in sheet labeled “Marginal”20. Generate values for MR(q) -- use h = 0.00001 and your values of q from the sheet labeled “Functions”.- You will need to have 3 columns with calculated values; label them R(q + h), R(q - h) and hhqRhqR2)()(*1000.21. Generate values for MC(q) -- here you can use your marginal cost information that was given to you (e.g., For the first 500 q, you can fill in $125 for MC(q) if $125 was your first marginal price per unit).22. Generate values for MP(q) using MR(q) and MC(q).23. Generate graphs for all three marginal functions.Generating the calculations -- in a sheet labeled “Calculations”24. Insert a table to use Solver on -- model it after the table in Marketing Focus.xls, sheet “Marginal”, cells B106 - 107. Above the table should be written “MaximumProfit” in bold.- The table should be labeled appropriately so that I know what is being calculated in each cell (i.e., q, D(q), R(q), MR(q), etc.).- The table should have formulas associated with each cell (except q).25. Using Solver, answer questions #1-3. Your final table should reflect your answersto questions #1-3.26. Make four (4) copies of the table right below the first table. Label them “Sensitivity” in bold -- all the formulas from the original table should also be copied over. On the left of each of the tables should be labeled “+1”, “-1”, “+5”, and “-5”, respectively. In each table, use Solver to find the value of D(q) accordingly by chaning the quantity. See what affect it has on the maximum profit.27. Set up an integral that will calculate the total possible revenue from selling the optimal number of goods. The limits of integration should be from 0 to the optimal quantity to sell. Use Integrating.xls to integrate this integral -- do not forget to convert your units. Since you already know what your predicted revenueis from selling your optimal quantity, you can calculate the consumer surplus by subtracting the total possible revenue from sales and the expected revenue. 28. Make another copy of the table