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Naming, References, and Advanced Graphics 4-1 Chapter 4 References, Naming, and Advanced Graphics Chapter Outline 4.1 Relative and absolute references 4.1.1 What are References? 4.1.2 The F4 (ABS) key 4.2 Name That Range! 4.2.1 Single range name (the name box method) 4.2.2 Multiple-naming method 4.2.3 Using the naming method to complete the table 4.2.4 Rules and New Name dialog box 4.3 Advanced topics in Naming 4.3.1 Some rules and New Name dialog box 4.3.2 On the scope of name range 4.3.3 Changing or deleting a range name 4.3.4 Changing to range names retrospectively 4.4 Advanced Graphic Methods 4.4.1 Problems for improvement 4.4.2 Editing the Chart Area borders 4.4.3 Other three methods of editing chart elements 4.4.4 Editing the chart titles and axes 4.4.5 Editing the curves and lines 4.4.6 The secondary vertical axis and data labels 4.5 Charts and Tables - advanced topics 4.5.1 Reconnecting table with the chart 4.5.2 Separating the chart without pain 4.5.3 Comparison of the charts 4.5.3 Comparison of the charts 4.5.4 Mathematical Conditions of Profit Maximization Objectives of this chapter In the previous chapter, we have encountered some cases we have to use the dollar sign ($) in the cell address. The first part of this chapter discusses how the dollar sign works. When cell addresses are used in formulas, it is hard to find what the cell addresses represent. For example, B2 in a formula may represent output, if B2 is called Output directly, it is much easier to understand. Excel has a naming method to name B2 Output. The second part of this chart is devoted to Excel naming method. In the third part of this chapter, we continue discussing how to refine and improve the charts that we have introduced in the Chapter 3.

Transcript of References, Naming, and Advanced Graphicsleeds-faculty.colorado.edu › Donchez ›...

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Naming, References, and Advanced Graphics 4-1

Chapter 4

References, Naming, and Advanced Graphics

Chapter Outline

4.1 Relative and absolute references

4.1.1 What are References?

4.1.2 The F4 (ABS) key

4.2 Name That Range!

4.2.1 Single range name (the name box method)

4.2.2 Multiple-naming method

4.2.3 Using the naming method to complete the table

4.2.4 Rules and New Name dialog box

4.3 Advanced topics in Naming

4.3.1 Some rules and New Name dialog box

4.3.2 On the scope of name range

4.3.3 Changing or deleting a range name

4.3.4 Changing to range names retrospectively

4.4 Advanced Graphic Methods

4.4.1 Problems for improvement

4.4.2 Editing the Chart Area borders

4.4.3 Other three methods of editing chart elements

4.4.4 Editing the chart titles and axes

4.4.5 Editing the curves and lines

4.4.6 The secondary vertical axis and data labels

4.5 Charts and Tables - advanced topics

4.5.1 Reconnecting table with the chart

4.5.2 Separating the chart without pain

4.5.3 Comparison of the charts

4.5.3 Comparison of the charts

4.5.4 Mathematical Conditions of Profit Maximization

Objectives of this chapter

In the previous chapter, we have encountered some cases we have to use the dollar sign ($) in

the cell address. The first part of this chapter discusses how the dollar sign works. When cell addresses

are used in formulas, it is hard to find what the cell addresses represent. For example, B2 in a formula

may represent output, if B2 is called Output directly, it is much easier to understand. Excel has a

naming method to name B2 Output. The second part of this chart is devoted to Excel naming method.

In the third part of this chapter, we continue discussing how to refine and improve the charts that we

have introduced in the Chapter 3.

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4.1 Relative and Absolute References

The dollar sign $ is used to lock the cell address. Since a cell address has two components, row

and column, the dollar sign can be applied to either row or column or both or none. Thus, we have four

cases.

4.1.1 What are References?

There are three kinds of cell references: relative, absolute, and mixed references. All refer to

the location of the cells. When you ask a direction to a nearby supermarket, you may be told that you go

two blocks to the West and then turn right and walk one block. Obviously, the direction depends on

where you are standing. If you change your position, the direction changes. However, Excel

remembers the direction and applies it regardless of your position. This is relative reference. If you are

told that the supermarket is located at 1000 Arapahoe Street, then no matter where you are, the address

will not change. The person is referring to you with absolute reference.

Table 4.1a shows the demand schedule of gasoline price and its quantity demanded for the first

quarter of the year. The formulas behind the cells are shown in Table 4.1b either fully or partially below

the table or on the left of the table.

The monthly percentage change of price is

(4.1.2)

(4.1.2) is implemented in column E6:E7. The demand share of gasoline for each month is

∑ (4.1.3)

∑ is a Greek letter for sum. ∑ Dt means the sum of all three months in the first quarter of the year. The

monthly share is calculated in column F5:F7. The formulas for calculation are shown in details in Table

We first enter the basic data in A2:C7 as shown.

Demand of gasoline each month is price times

quantity for that month,

Dt = Pt*Qt, (4.1.1)

where t is month, Pt is the average price of gasoline in

Denver, say, Qt is quantity of gasoline demanded in

that city,

A B C D E F

1 Demand for gasoline

2 US$ m ga US$ % %

3 Price Gas D Chg Share

4 Month P Q P*Q

5 Jan 3.52 24.4 85.9 33.53

6 Feb 3.65 23.5 85.8 3.69 33.48

7 March 3.69 22.9 84.5 1.10 32.99

8 Sum 10.86 70.8 256.2 100.00

9 Avg 3.62 23.6 85.4 2.39

Table 4.1a Relative, absolute, and mixed references

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4.1b. We assume you know how to enter the formulas in the first row of the table, B5:F5, using the

suggested formula on the right of the table, and enter the sum and the average in rows 8 and 9 using the

formulas suggested in rows 10 to 19. Note that in column E, you start from E6 instead of E5, since B4

is not defined. You then use the copy command to complete the table. We explain why the copying

mechanism works. In this section, all the calculation will be referred to Table 4.1b.

We start from the sums in row 8.

Table 4.1b Relative, absolute, and mixed references

A B C D E F G H I

1 Demand for gasoline

2 US$ m ga US$ % % Absolute

3 Price Gas P*Q Chg Share Formula Reference

4 Month P Q D P D for E6:E7 for F5:F7

5 Jan 3.52 24.4 85.9 33.53 =D5*100/$D$8

6 Feb 3.65 23.5 85.8 3.69 33.48 =(B6-B5)*100/B5 =D6*100/$D$8

7 March 3.69 22.9 84.5 1.10 32.99 =(B7-B6)*100/B6 =D7*100/$D$8

8 Sum 10.9 70.8 256.2 4.79 100.00 =D5*100/D$8

9 Avg 3.62 23.6 85.4 2.39 33.3 =D6*100/D$8

10 B8: =B7+B6+B5 =D7*100/D$8

11 C8: =C7+C6+C5 33.53 =D5*100/$D8

12 D8: =D7+D6+D5 100.45 =D6*100/$D8

13 E8 =E7+E6+E5 #DIV/0! =D7*100/$D8

14 F8: =F7+F6+F5

15 D5: =B5*C5

16 D6: =B6*C6

(1) The formula for the sum of the first quarter price

is given at B10. It indicates that starting from the cell

B8, we add the values in one cell above (B7), two

cells above (B6), and three cells above (B5).

(2)This relative relation is maintained when the sum

in B8 is copied from C8 to F8.

Indeed, this feature of relative reference makes Excel

especially powerful for data analysis.

Steps 4.1a Relative and absolute references

2

1

1

1

2

3

4

5

6

7

9

10

11

12

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(3) The demand for gasoline in January is given in D5. As

shown in D15, it is the product of January gasoline price (B5,

two cells to the left) and the gasoline quantity demanded (C5,

one cell to the left).

(4) This relation does not change for other months, see row 16.

Thus, you can copy C5 down to D6 and D7.

3

4

(5) The percentage change of price from January

to February is given in E6, and its formula of

calculation is shown in H6.

(6) H6 shows that the percentage change is

obtained by the difference of B6 (third cell to the

left of E6) and B5 (one cell above B6)

multiplied by 100 and divided by B5 (third cell

to the left and one cell above the third cell to the

left). This relation is preserved when E6 is

copied to E7, as shown in the cell formula in H7

5

6

(7) Range F5:F7 shows the share of gasoline demand in the

first quarter. The formula for calculation for January is

shown in I5.

(8) In I5, the share for the January demand in F5 is

calculated by the January demand in D5, two cells to the

left, multiplied by 100, and then divided by the sum in D8,

which is located at two cell to the left and then move, jump

tack, tack, tack, three cells below.

7 8

(9)* The problem is that we have to “fasten” or “lock” the

sum in D8 in the formula so that the sum does not move

when the original formula in F5 is copied down. In Excel, it

is fastened by using the dollar ($) sign, as shown in I5:I7.

This fastening is called the absolute reference.

This is the reason that we have to use the dollar sign.

9

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Comments on Steps 4.1a Relative and absolute references

(a)In Step (9), note that in I5:I7, the numerator uses the relative reference while the denominator uses

the absolute reference. Hence, when F5 is copied to F6 and F7, the numerator changes but not the

denominator, and the formula gives a correct calculation, as shown in I6 and I7. #

4.1.2 The F4 (ABS) key

Instead of adding $ each time by hand, Excel has a convenient <F4(abs)> key, which is called

the “ABS” key. It toggles between the four references as in Table 4.1c. As an example, enter

any number, say, 20 in A1, and in A2 enter a formula, say =A1 to copy 20 into A2. Click A2, and

press <F2(Edit)> to show the formula. The vertical line in cell A2 flashes. When the vertical line is

near the letters =A2 or on =A2, press <abs (F4)> key once, and the formula will change to $A$1 (both

row 1 and column A are locked). Press <F4> a second time, and the formula will change to A$1 (row 1

is locked). Press <F4> a third time, and we will have $A1 (column A is locked). Press it a fourth time,

and we will go back to the original formula, A1 (none is locked). It is something like the four-step

waltz: both, row, column, and return. The process is shown in Table 4.1c.

(10) On Mix reference Since the cell address consists of a

row letter and a column number, we may fasten either the

column letter, or the row number, or both. In I5:I7, we fasten

both column D and row 8 of cell D8, that is, $D$8.

(11) From Step (4), we know that the problem is that when

F5 is copied down, the cell D8 also moves down from its

relative position to F5. Therefore, all we need to do is just

fasten the row. Thus, in I8:I10, we only fasten row 8 as D$8.

The result should be the same as those in F5:F7.

10

11

(12) On the other hand, if we fasten column but

not row, like $D8 in I11:I13, this is wrong

fastening since D8 still moves down in column

D, as we noted in Step (10). We have wrong

results as shown in H11:H13.

12

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Table 4.1c The nature of F4(ABS) key

0 F4 Original =A1 None Both row A and column 1 are not locked

1 F4 Press once =$A$1 Both Both row A and column 1 are locked

2 F4 Press twice =A$1 Row Column A is not locked but row 1 is locked

3 F4 Press thrice =$A1 Column Column A is locked but row 1 is not locked

4 F4 Press 4th time Return to the start

4.2 Name That Range!

We can name a single range individually or multiple range simultaneously, and names can be

applied only to the current worksheet (locally) or to the whole workbook (globally). We explain them

in the following sections.

4.2.1 Single range name (the name box method)

The simplest method is to use the name box when only one range (a cell, a vector, or a matrix) is

defined at any one time. For Example, we may name cell D8 as sum, or sumD (since there are four sum

in row 8). Then, $D$8 in column I will be replaced by “sumD.” There are two cases. You replace the

old cell formulas by giving a range (including a cell) a name, or you enter the data and then name the

data when you start using the formula. We explain the second case first.

Using the format of Table 4.1a, we construct the table.

(1)* Enter the data on price P and quantity Q in

B5:C7, as shown. Select B5:B7

(2)Click the name box, B5 moves to the left

corner and is shaded.

(3) Name the shaded range B5:B7 by entering

P directly in the place of B5. Click anywhere

on the worksheet. B5:B7 is now named P.

When B5:B7 is selected, the name box will

show P instead of B5.

Steps 4.2a Single naming method and its use Objective: Name a cell, a vector, or a matrix

1

2 3

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Remarks on Table 4.2a Single naming method and its use

(a) In Step (1), the range can be only one cell, or a horizontal range.

(b) In Step (9), the same entries in E5:E7 mean that P and Q in E5 recognize that the value of P and

Q in this particular cell are taken from the same row of P and Q where P and Q are named.

Hence, if =P*Q are entered in other rows outside the defined row range, the formula will return

error #VALUE, as Excel cannot find proper entries. #

4.2.2 Multiple-naming method

In the above single name case, we can use the name box and name the range of cells one by one.

Instead, for the connected cells, we may name several ranges at once. We use the following steps.

/“Formulas”/Defined Names, Create from Selection/ (4.2.1)

(4) Select range C5:C7, and click the name

box. C5 moves to the left corner.

(5)Click the name box, B5 moves to the left

and is shaded.

(6) Enter Q in the place of C5, and click

anywhere on the worksheet. C5:C7 is now

named D.

1 4

5

6

(7) Now that P and Q are defined, move the

pointer to D5, and enter =P*Q, which is also

shown in the formula box.

(8) Copy D5 down to D7.

(9)* All the entries in the cell of D5:D7 will be

shown as E5:E7. #

7 8

9

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Remarks on Steps 4.2b Multiple naming method

(a) In Step (1), the named cells B5:B7 may be non-adjacent to their names A5:A7.

(b) In Step 4.2a, instead of naming P, Q one by one, we may just select range B4:C7 (including the

column titles), and use Steps 4.2b. In this case, select @Top row in Step (2).

(c) After finishing Step (3), click the downward arrow on the right-hand side of the name box, and

make sure the names are included in the box. Click each name in the drop down box, the

corresponding named cells will be shaded. Check whether the cells or ranges are correctly named. #

4.2.3 Using the naming method to complete the table

In Section 4.2.1, we have completed entering B5:D7 of the Table 4.2a below. Enter the titles in rows 1

to 3 for clarity, and follow the 11 steps using the naming method to compute percentage change of

gasoline price (4.1.2) and monthly share of gasoline demand (4.1.3). The calculation is summarized in

Table 4.2a and the detail explanation is given in Steps 4.2c

(1)* We want to name B5 as Jan, B6, Feb, B7,

March. Select A5:B7.

Steps 4.2b Multiple naming method

Objective: name several ranges at once

1

(2)* Enter (4.2.1). The “Create Names from

Selection” dialog box comes out.

Excel automatically check marks “Create names

from values in the” “Left column” box.

(3)* /OK/ The three cells are named

simultaneously.

2

3

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Table 4.2a Using the naming method to complete the table

A B C D E F G H I

1 Demand for gasoline

2 US$ m ga US$ % %

3 Price Gas PQ= Chg Share Formula Formula for

4 Month P Q D P D for E6:E7 for F5:F7

5 Jan 3.52 24.4 85.9 33.53 =D*100/SumD

6 Feb 3.65 23.5 85.8 3.69 33.48 =(Feb-Jan)*100/Jan =D*100/SumD

7 March 3.69 22.9 84.5 1.10 32.99 =(March-Feb)*100/Feb =D*100/SumD

8 Sum 10.86 70.8 256.2 100.00 =D5*100/D$8

9 Avg 3.62 23.6 85.39 2.39 =D6*100/D$8

10 B8: =SUM(P) =D7*100/D$8

11 C8: =SUM(Q) Name box

12 D8: =SUM(D) D =Sheet7!$D$4:$D$7

13 F8: =F7+F6+F5 Feb =Sheet7!$B$6

14 B9: =B8/3 Jan =Sheet7!$B$5

15 C9: =C8/3 March =Sheet7!$B$7

16 D9 =SUM(D)/3 P =Sheet7!$B$5:$B$7

17 E9: =AVERAGE(E6:E7) Q =Sheet7!$C$5:$C$7

18 B9: =AVERAGE(P) SumD =Sheet7!$D$8

19 C9: =AVERAGE(Q)

20 D9 =AVERAGE(D)

12

4 5

6

78

3

9

11

10

(1) Since, the cells in range B5:B7 was

already named in Steps 4.2b as Jan, Feb,

and March, respectively, we may enter the

percentage change of price (% chg P)

(4.1.2) from Jan to Feb, from Feb to March

as shown by the formulas in G6 and G7.

Steps 4.2c Using names to enter formulas

1

(2) Name P*Q in D5:D7 D (for Demand), using Steps4.2a:

the single naming method.

(3) For practice, find the sum of the three-month prices in

row 8, using the formula shown in B10.

(4)* Copy B8 to C8 and D8. Both C8 and D8 will be filled

with =SUM(P). Change P in C8 to Q and P in D8 to D, as

shown in rows 11 and 12.

(5) To find the demand share, name the total demand in D8

“sumD,” using Steps 4.2a,the single naming method.

3 4

2

5

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Remarks on Steps 4.2c Using names to enter formulas

(a) In Step (4), since name P consists of three numbers, it can be regarded as a vertical array (a column

vector). Hence, we use formula, =Sum(P), to sum the first quarter prices in B8. Note that, the name

refers to absolute reference. Hence, unlike the non-named case, if B8 is copied to other cells, other cells

will show the same number. To save time, however, we still copy B8 to C8 and D8, and use /F2/ to

change P to Q in C8 and P to D in D8.

(b) In Step (8), note that the average in E9 will ignore the blank cell E5 and the formula does not

include E5 in the calculation.

(c) In Step (11), as can be seen from the Name List, all names are in absolute reference. Thus, the mixed

(6) The formula of the percentage share of

demand (% share D, see (4.1.3)) in F5 is

given in I5, enter the formula in I5 into F5

and copy F5 done to F6 and F7. The

formulas in F5:F7 are shown in I5:I7. All

formulas in the column look alike.

(7) The F column should sum to 100%.

Since the column is not named, you can

sum one by one or use =SUM(F5:F7).

7

6

=F5+F6+F7

(8)* For practice of using names in formulas, we calculate

the first quarter average of price, quantity, demand, and

percentage change in row 9.

(9) First enter the average in B9. Since we already

calculated the sum in row 8, we can use formula B8/3 as in

B9 of Table 4.1b, or enter =SUM(P)/3, or use the Excel

average formula as shown in row 14. qu

(10) If =SUM(P) or =AVERAGE(P) is enter in B9, and B9

is copied to C9:E9, the range in other columns should be

corrected as in Step (4).

8

10

9

(11)* Finally, for practical purpose, it is always a good idea to

show the names defined in the calculation table.

Enter /F3(Name list)/ to obtain the list of the ranges which are

named. Move the pointer to a blank space and enter

/F3/Paste name, Paste List/ (4.2.2)

The List will be pasted on the spreadsheet.

D =Sheet7!$D$4:$D$7

Feb =Sheet7!$B$6

Jan =Sheet7!$B$5

March =Sheet7!$B$7

P =Sheet7!$B$5:$B$7

PQ =Sheet7!$D$4:$D$7

Q =Sheet7!$C$5:$C$7

SumD =Sheet7!$D$8

11

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reference formula like those in I8:I10 cannot convert directly to the naming

(d) In Step (11), we use /F3/ key to show the defined range of the names. In comparative static analysis

of economics and business, we frequently need to change the parameters to see the effect of change of

a parameter on equilibrium values. In this case, we suggest to use a parameter table1 and enclose it

with “All Borders” box under /“Home”/Font, Border!/. #

4.3 Advanced topics in Naming

4.3.1 Rules and New Name dialog box

Rules on naming

(a) Excel does not allow spaces in names. For example, the name “balance sheet” is not allowed,

but “balance_sheet” or “balance.sheet” is ok.

(b) Names are not case sensitive. “Sales” is the same as “SALES.”

(c) In Excel, c is used for column and r is used for row. Hence, c and r are not allowed. Instead, use

c_ and r_, or use cc and rr, or c1c, r2r, etc.

On New Name dialog box

In addition to using the name box and the Create from Selection dialog box (4.2.1), Excel has another

method to name a range. Click

/“Formula”/Defined Names, Define Name!/ (4.3.1)

We follow Steps 4.3a below.

1 See Hsiao (2011), Chapter 4.

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Remarks on Steps 4.3a Use of New Name dialog box

(a) The advantage of using this naming method is that you can decide the scope of the name in Step (8),

while other two method will define the name in global setting. See Section 4.3.2. #

4.3.2 On the scope of name range

It is important that there is difference in terms of local and global scope between copying a

sheet to another sheet and copying a table to another sheet. The former copy operation

changes the global names into local names, and the latter makes the global names stay global.

(1) Enter equation (4.3.1). New Name dialog box

appears. The name may be blank or filled with the

text of the surrounding cells.

(2) Comment box can contain up to 255 characters.

(3) If a range is preselected, say, B5:B7, in Table

4.2a,then the “refers to” box will be filled as shown.

Otherwise, it will be either blank or show a cell

address.

(4) If the “Refers to” box is blank or has wrong

range, click the collapse button to reduce the dialog

box.

(5) Click the range to be named, in this case, B5:B7,

the range will be shown in the box.

Click the expand button to return to the New Name

dialog box.

Steps 4.3a Use of New Name dialog box

1

3

4

Objective: Name range B5:B7 of Table 4.2a or Step (1) of Steps 4.2a

2

5 6

(7) Enter the name, in this case, P, in the

Name box.

(8)* Decide whether the name should be

global (workbook) or sheet specific (local).

Click Sheet1 (local) in this case.

(9) /OK/

7

8

9

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This is explained in Table 4.3b. We use range A4:D7 of Table 4.2a as an example. For

convenience, A4:D4 is moved to A1:D4 in Table 4.3b below.

Remarks on Table 4.3b

(a) We know P, Q, etc. in step (3) are local since the Name List indicates Sheet1(2), not Sheet1, and

when P or Q is clicked, the pointer moves to B2:B4 in Step (3), rather than move back to B2:B4 in Step

(1).

(b) In Step (3), local names override the global names.

(c) In general, the distinction and the uses of global and local scope are very confusing. It is hard to

discern which is which from the spreadsheet, and its designation is time consuming. We prefer to use

the name box method (Steps 4.2a) and the create name method (Steps 4.2b) for multiple naming. These

two methods give global naming. For local naming, we suggest the following, as we did elsewhere2. If

capital in sheet1 is named K using the name box, K is defined globally. Thus, in Sheet2, K is always

2 See Hsiao (2011).

(1) Original table in Sheet1 with 6 names

in global scope.

(2) When Sheet1 is copied to Sheet1(2),

the global names become local names, as

shown by the name list.

1

3

(1) Original table in Sheet1 with 6 names in

global scope.

(2) Sheet to sheet copy. When Sheet1 is

copied to Sheet1(2), the global names become

local names, as shown by the Name List.

(3)* When B2 is changed from 1 to 3, D2

changes to 12, but no change in D2 in Step (1).

In addition, changes in Step (1) will not affect

Step (2), since all the names become local in

Sheet1(2), and override the original global

names.

2

Table 4.3b The global and local scopes

(4) Copy the original table (not sheet), A1:E5,

to Sheet2.

(5) Operations of the copied table are linked

to the original table (4).

(6) The operation =P*Q depends on that of

Sheet1, and changes in P and Q in Sheet2 do

not affect =P*D in Sheet2.

If B3 in (4) changes to 1, then D3 in (4) will

change to 5, it will not change B3 to 1 in (5)

but will change D3 in (5) to 5.

4 5

6

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Naming, References, and Advanced Graphics 4-14

referring to K in sheet1. To use different range of K in Sheet2, use KK, KKK, KxK, K.x (period), K_

(underscore), or K\x (backslash), etc., to name K, where x can be a chapter number or a homework

number. Note that you cannot use KK1 and KKK1since these are one of the cell addresses in Excel

2010. To verify, press /F5(go to)/ and enter them in the Reference box). #

Although you may also use the name manager to change the scope (defined below) of K to

local (instead of global) sheet specific (see below), it is almost impossible to do so for many names in

many different sheets.

4.3.3 Changing or deleting a range name using Name Manager

You cannot change or delete the range name using the name box or the delete key. Changing and

deleting can be done only through Name Manager. Click

<”Formulas”> <Defined Names, Name Manager> (4.3.2)

In Table 4.3b, we have three sheets, Sheet1 contains the original demand of gasoline table with 6

names, Sheet1(2) is copies from sheet1 and contains 6 names which are local to Sheet1(2), and Sheet2

is a new sheet in which the demand of gasoline table is copied. Sheet2 also has 6 names, but all the

names in Sheet2 refer to those in Sheet1.

Steps 4.3c Editing and deleting names

1 (1) In any worksheet of the

workbook which contains three

sheets of Table 4.2b, click (4.2.2),

the Name Manager (1) appears. It

contains all range names in the

current workbook.

(1)* In any worksheet of the

workbook that contains three sheets

of Table 4.3b, click (4.3.2), the

Name Manager (1) dialog box

appears. It contains all range names

in the current workbook.

The dialog box can expand or

shrink like a worksheet, so are the

columns. 12 names are listed here.

six are for workbook (global) and

six are for Sheet1(2) (local).

Holding the control key to select the

names with “workbook” scope to

verify that all the names are

contained in the Name Manager.

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Naming, References, and Advanced Graphics 4-15

2

(1) In any worksheet of the

workbook which contains three

sheets of Table 4.2b, click (4.2.2),

the Name Manager (1) appears. It

contains all range names in the

current workbook.

(2) Add new name Select D2:D4 in Sheet1

(Step (1)) of Table 4.3b, or Step (8) below.),

and press “New…” button. The New Name

dialog box Step (1) of Steps 4.3a appears.

Enter PQ and /OK/. PQ is entered in the Name

Manager.

(3) Edit old name Click P of the Workbook

scope and press Edit button.

(4) The Edit Name dialog box similar to the

New Name dialog box appears. Change P to

“Price.”

(5) P is changed to Price in the Name Manager

dialog box.

(6) Click Q of the Workbook scope and do the

same as Step (3) to change Q to “Quantity” in

the Name Manager dialog box.

5

6

2 3

4

9

7

(7) Go back to Sheet1, click the down arrow in the

name box, make sure that names Price, Quantity,

and PQ are listed, and have the correct range for

each (Note that the range of name PQ overlap with

that of name D). Enter /F3/ to download the name

list as shown.

(8) The formulas in range D2:D4 change to the

=price*Quantity formula in E2:E4 automatically.

8

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Naming, References, and Advanced Graphics 4-16

Remarks on Steps 4.3c Editing and deleting names

(a) In Step (1), if Sheet1 is copied to another sheet, the copied sheet will be Sheet1(3), and another set

of six names with pretext ‘=Sheet1(3)’! (local to Sheet1(3)) will be added to the Name Manager.

(b) Name Manager is the most comprehensive dialog box for naming. #

4.3.4 Changing to range names retrospectively

If a table is already constructed without using range names, we can change the cell addresses into range

names. If the changes do not come automatically, we can ask Excel to change. Select the cell range,

which we want to convert, and enter

/“Formulas”/Defined Names, Define Name!/Apply Names… (4.3.3)

The Apply Names dialog box appears. We take Table 3.3a The financial statement of the GiGo

Company as an example. Table 3.3a is reproduced in Steps 4.3d below.

(9) Editing the name range Click a name, say,

PQ (select one at a time).

(10) Its name range shows up at the bottom of the

Name Manager.

(11) Close the Name Manager Use the collapse

box to edit the range, and click the Expand box to

go back to the Name Manager.

(12) Delete a name Click PQ in Step (2) and Press

“Delete” in Name Manager, and /OK/. Name PQ

is deleted.

(13)* /Close/ to close the Name Manager.

9

10

11

13

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Remarks on Steps 4.3d Changing to the range names retrospectively

(a) In Step (6), mProfit in F6 is the difference between the cells in the same column. Unless we define

each element in the same column separately, like we did in Step (1) of Steps 4.2b, we cannot convert

the cell addresses to range names completely.

(b) In Step (6), note that the appearance of formulas entered in C5, D5, and E5 are the same as the

original equations shown in Row 2.

(c) There are some more details at the lower part of the Apply Names dialog box. We leave them to

some professional books for explanation. #

4.4 4.3 Advanced Graphic Methods

For business and economics, charts are very important part of understanding the property of

the data, to guide setting up a model, and to interpret the model. In Chapter 3, we have introduced the

method of drawing a simple chart from a table, and illustrated the trend of TR, TC, Profit, and Marginal

Profit in Fig. 3.4a, the financial table of the GiGo Company. This section shows how to edit or improve

the chart presentation.

4.4.1 Problems for improvement

Fig. 3.4a is reproduced as Fig. 4.4a below. Here are some problems with the chart.

Problem (1) The chart is, by default, enclosed by two layers of borders, making the chart two

Steps 4.3d Changing to the range names retrospectively

1

(1) Select B5:B25, and name it as Q (Single naming, Steps 4.2a)

(2) Select C4:E25 and name TR, TC, and Profit (Multiple

naming, Steps 4.2b)

(3) Select B5:E25 to change the cell address to names.

(4) Click (4.3.3). The Apply Names dialog box appears.

2

3

5

4 (5) Holding the control key

and select the appropriate

names (in this case all

names). The names are

shaded. Click /OK/.

(6)* To check, click C5, D5, E5, and F6. All the previous cell

addresses are changed to the corresponding range names. See

rows 26 to 29.

(7) /F3/ to “Paste List.”

6

7

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Naming, References, and Advanced Graphics 4-18

“crowded.” Erase the outer borders.

Problem (2) The chart title is, by default, unproportionally large.

Problem (3) The vertical axis needs major and minor tic markers, and the 0 after the decimal point can

be eliminated in this chart.

Problem (4) The horizontal axis also needs major and minor tick marks, and the axis label should show

below the plot area.

Problem (5) The curves can be edited to have different width or dashes, with the data labels for the

Profit curve.

Problem (6) The vertical line is not straight and too prominent. It can use dashes.

Problem (7) The horizontal major gridlines should be in background, can make them in lighter color

and can use dashed line, instead of solid lines.

Problem (8) Reproduce the chart for other possible formatting experiments on the chart.

Problem (9) The Profit and mProfit curves are too crowded at bottom part of the diagram. Using the

copied chart, enlarge them and show data labels of profit above the profit curve.

Problem (10) We may draw Profit and mProfit curves in a separate chart.

Problem (11) Now we have five charts. Which one is more informative and look better?

Problem (12) Color the chart?

These problems are explained and solved in the following sections. For each problem solved, always

refer to Fig. 4.4b to see the effect of changes.

4.4.2 Editing the Chart Area borders

Problem (1) The chart is, by default, enclosed by two layers of borders, making the chart two

-200.0

-100.0

0.0

100.0

200.0

300.0

400.0

500.0

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

7.5

8.0

8.5

9.0

9.5

10

.0

TR,

TC,

Pro

fit

Output

Profit Maximization

TR

TC

ProfitmProfit

TR

TC

ProfitmProfit

Fig. 4.4a Some problems with the original chart of Fig. 3.4a

1 2

3

4

5 6

8

7

9 10

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Naming, References, and Advanced Graphics 4-19

“crowded.” Erase the outer borders.

Both borders are default when the chart is drawn. If we have many charts, the outer layer

makes the chart too crowded. We want to remove the outer borders. This may not be a problem for

some people. However, we start from this to introduce the difference between the chart area and the

plot area.

(1) The inner borders below the chart title and

enclosed by the axes are called the plot area.

The area between the plot area and the outer

borders are called the chart area.

(2)* When the pointer fat cross moves to each

area, pointer changes to a fat arrow and its tip

has four arrowed plus sign with name of the

element, indicating that you can move the

chart anywhere inside the worksheet or

workbook, or you can move the plot area

anywhere inside the chart area.

Steps 4.4a Removing the Chart Area borders

1

Plot Area

2

(3)* Click the Chart Area (which is one

of the chart elements) twice (Method

1), the Format Chart Area mini window

appears.

We call this the clicking method of

editing charts. See Section 4.4.2 for other

three methods.

(4)* Select the Border Color

(5)* The Border Color dialog box

appears.

(6) Select the bull’s eye @No line.

(7)* /OK/. The Chart Area borders are

3

5

4

6

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Comments on Steps 4.4a Removing the Chart Area borders

(a) In Step (2), you may click the chart once and /RM/, a small dialog box appears, with “Move Here”,

“Copy Here,” and “Cancel.” If you press /RM/ several times, eventually a mini window appears, with

“Cut” and “Copy” commands. We prefer to use either click and drag method or ^C ^V or ^X^V

sequence to move the chart.

(b) In Step (3), the entries in chart are called chart elements, including the chart area, axis, line, etc.

We can click any element twice to invoke the mini window like Step (3). This is the Clicking

Method. There are other three methods of editing the chart elements, as explained in Section 4.4.3.

In principle, we will use the clicking method to edit chart elements.

(c) In Step (4), you may experiment with other entries in this and other “Format” windows, especially

on “Properties”, where you may make the chart “Don’t move or size with cells.”

(d) In Step (5), to save space, in this and the next section, we will cut left corner of the Format mini

window. #

4.4.3 Other three methods of editing chart elements

Referring to Steps 4.4b below, the second method of editing chart elements is the RM method. First

you select the element, say, the chart area, and /RM/. A mini menu appears. Click the Format Chart

Area (Step (7)). Format command is always located at the end of the mini menu. When the Format

Chart Area is clicked, the mini window in Step (3) of Steps 4.4a appears.

The third method is the Ribbon method. Click the chart area, and enter (the steps refer to

those in Steps 4.4b below)

/“Chart Tools, Format” (Step (8) /Shape Styles, Shape Outlines! (Step 9)

/No Outline (Step 10)/ (4.4.1)

The fourth method is the Current Selection Method. Click the chart area, the contextual tab

“Chart Tools” will appear (Step (11), thus,

/“Chart Tools, Format” (Step (8) /Current Selection, Format Selection/ (4.4.2)

/Format Selection/ will lead to Format Chart Area in Step (3) of Steps 4.4a.

It is quite a chore to remember or follow these steps. The clicking method probably more

intuitive and simple.

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4.4.4 Editing the chart titles and axes

Problem (2) The chart title is, by default, unproportionally large.

The title boxes are like text boxes (see Steps 2.4d). Clicking the chart title twice, the chart title

is enclosed with dashed borders and a vertical line will show that the chart title is in the editing mode.

Move the pointer to the end, and enter and write The GiGo Company on the next line. Clicking the

border once, the borders changed to solid lines, indicating that you have selected the whole box. Enter

/“Home”/Font, Font!/$Times New Roman/Font, Font Size!/11/ (4.4.3)

You may select “The GiGo Company” and change the name to plain font (no bold) and select size 10

point.

In general, like a text box, inside the chart, the font and the font size can be changed only

through /“Home”/Font, Font!/ and /“Home”/Font, Font Size!/.

Problem (3) The vertical and horizontal axis need major and minor markers for clarity, and the 0 after

Method 2: the RM Method

7

8

Method 3: the Ribbon Method

Method 4: the Current Selection

Method 10

9

11

10

11

12

Steps 4.4b Other three methods of editing a chart element

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the decimal point is redundant and can be eliminated.

Problem (4) The horizontal axis needs major and minor tick marks, and the axis labels show move

below the plot area.

Remarks on Steps 4.4c Editing the vertical axis

(a) In step (2), we recommend Cross, Inside, and Low.

(1) Double click any one of the vertical axis

labels, Format Axis dialog appears.

(2)* Click /Format Axis, Axis Options/Major

tick mark type:!/[Cross]/,

/~/Minor tick mark type:!/[Inside]/,

/~/Axis labels/[Low]/

(“Low” means below the Plot Area)

(3) Click /Format Axis, Number/Category:

Number/Decimal Places: [0]/

Steps 4.4c Editing the vertical axis

1

3

2

3

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4.4.5 Editing the curves and lines

Problem (5) The curves can be edited to have different width or dashes, with the labels.

Since the relation between TR and TC contains more information than those between Profit

and mProfit, we may make the width of the latter curves lighter.

(1) Without closing the Format Axis dialog

box, double click any one of the horizontal axis

labels, the Format Axis dialog box for the

horizontal axis appears. It is slightly different

from that of the vertical axis.

(2) Click /Format Axis, Axis Options/Major

tick mark type:!/[Cross]/,

/~/Minor tick mark type:!/[Inside]/,

/~/Axis labels/[Low]/

(3) /Click /Format Axis, Number/Category:,

Number/Decimal Places: [1]/

Steps 4.4d Editing the horizontal axis

1

3

2

(1)* Double click TC curve rapidly, the

Format Data Series dialog box appears.

(2) Click /Format Data Series, Line Style/Dash

type:!/[Dash]/

(3)* Click the Profit curve once, and /~/Line

Color/@Solid Line/Color! Black Text 1/Line

Style/ Width:!/[1.25]/

(4) Click the mProfit curve once, and /~/Line

Color/@Solid Line/Color!, Black Text 1//Line

Style/ Width:!/[1.25]/Dash types:!, long Dash/

Steps 4.4e Editing the curves

1

2

3 2

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Remarks on Steps 4.4e Editing the curves

(a) In Step (1), when clicking a curve to invoke Format Data Series dialog box, you should click twice

rapidly. Otherwise, Excel may interpret that you are selecting the curve and then selecting a particular

data point at the tip of the pointer. If the clicking method does not work, use the RM method.

(b) In Step (1), if the Format dialog is already open, you only need to click the element once to invoke

the Format dialog box of that element. Also see Step (3). #

Problem (6) The vertical line is not straight and can use dash.

The vertical line is not a chart element. However, you still can click the line twice and edit the line.

When the line is moved at one end or is extended, the line may be slanted, and there is no way, if not

very difficult, to make it straight using mouse alone (in fact, the more you try the more the line will be

crooked!).

(4) To change the solid line to a dotted line, click the line twice,

/“Drawing Tools, Format”/Shape Styles, Shape Outline!

/Dashes/Round Dot/ (4.4.4)

Remarks on Steps 4.4f Making a solid straight line straight, and a dash

(a)In Step (1), you may click the line once to invoke /“Drawing Tools, Format”/, as in (4.4.4).

(b)Note that the command sequence in (4.4.4) is the same as Steps (9) to (11) of Steps 4.4b. This is very

useful procedure. You may change the “Weight” and the “Arrows” of the lines or any shapes through

this procedure.

(1)* Double click the line twice. The

/“Drawing Tools, Format/ ribbon appears. A

circle appears at both ends of the line, indicating

that the line is in the editing mode. The Format

ribbon is the same as the ribbon shown at Step

(9) of Steps 4.4b.

(2) At the end of the Format ribbon, find /Size,

Shape Width/0.02’/. Change 0,02’ to 0. The line

is straightened.

(3) Use Shape Height to extend or shrink the

line. If the line is changed manually, you may

need to go back to Step (2) to straighten the line.

Steps 4.4f Making a solid straight line straight, and a dash line

1

2

3

5

4

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(c) Editing the horizontal axis labels To make the horizontal axis “label tight” as shown, expand the

chart horizontally and then shrink the chart slowly until the axis labels look like Step (5). Since the

appearance of the labels changes automatically, there seems no manual method to control whether the

label labels appear horizontally or vertically. #

4.4.6 The secondary vertical axis and data labels

Problem (8) Reproduce the chart for other possible formatting experiments on the chart.

Problem (9) The Profit and mProfit curves are two crowded at bottom part of the diagram. Using the

copied chart, enlarged them by using the secondary vertical axis, and show data labels of profit

above the profit curve.

It is always a good idea to reproduce the chart and use the reproduced charts for graphic experiment.

Reproducing a chart in the same worksheet

The best way to reproduce the chart is, like any spreadsheet range, either use the click and drag

method or ^C^V, ^X^V sequence.

Reproducing a chart in a separate worksheet

If the current worksheet, say, Sheet1, is clattered, you may copy the chart to Sheet2 by the control key

method. In fact, you may use the control key method to copy both chart and table to Sheet2.

Moving the curves to the secondary vertical axis

Remarks on Steps 4.3g Change a curve to the secondary vertical axis

(a)In Step (5), after the secondary vertical axis is created, the secondary vertical axis title can be added

only through the ribbon. Click the chart, and

(1) Click the Profit curve twice. Format Data Series Dialog

box appears.

(2) Click /Series Options, @Secondary Axis/

(3) Click the mProfit curve once (since the Format dialog

box is already open).

(4) Repeat Step (2) for the mProfit curve.

(5)* /OK/. The two curves move above the TR and TC

curves as shown in Part (ii) of Fig. 4.4a.

Steps 4.3g Change a curve to the secondary vertical axis

1

2

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Naming, References, and Advanced Graphics 4-26

/“Chart Tools, Layout”/Labels, Axis Titles!/Secondary vertical axis title!/

Rotated Title/ (4.4.5)

Like any other axis labels, you may choose other format too. #

Comments on Steps 4.4h Adding data labels to curves

(a)In Step (1), another method of adding the data label is clicking the curve, and

/“Chart Tools, Layout”/Labels, Data Labels!/Above/ (4.4.6)

If /~/~/More Options is clicked, “Format Data Label” dialog box (Step (3)) appears.

(b)In Step (4), we think placing the data labels above or below the curve is the best option.

(c) In Step (5), the data labels can be edited like Text Boxes. Clicking any data label will select all the

data label boxes, clicking the data labels twice in quick action will invoke Format Data Labels dialog

box. Clicking any data label and click again, the second time click will select that label alone, and you

can do moving, sizing, and editing that label like a text box. #

(1) Click the profit curve

once, and /RM/ the drop

down window appears.

(2) Click /Add Data Labels/

(3) The Format Data Label

dialog box appears.

(4)* Click /Label Options,

Label Position, @Above/

(5)* /Close/. We have added

the data labels for the profit

curve. See Fig. 4.4a (ii)’

Steps 4.3h Adding data labels to a curve

2 4

1

3

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4.5 Charts and Tables - advanced topics

4.5.1 Reconnecting table with the chart

When a table and a chart are copied to another worksheet, the connection between the chart and the

table may no longer valid, this can be seen from the fact that when the chart is clicked, the chart range

does not show up in the table. To reconnect the chart and table, we do the following procedure.

Reconnecting the chart with the table

Click the chart, and enter

/“Chart Tools, Design”/Data, Select Data/ or /RM/$Select Data/ (4.5.1)

as shown in Steps4.5a below.

Fig. 4.4a Two version of the same chart

(i) (ii)

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4.5.2 Separating the chart without pain

Problem (10) We may draw Profit and mProfit curves in a separate chart.

If we have to start from the beginning to draw two separate charts, that is a painful task after we

have gone through so much editing. Fortunately, there is a better way to separate the existing chart.

In the following steps, we make two copies of chart (ii) (the right-hand side) of Fig. 4.4b, and call them

Copy1 and Copy2. We want to separate this original chart into copy1 and copy2, each with different

group. Note that we are not changing the original chart. It is always a good idea to keep the original

chart of table if you want to experiment with new idea or method.

(1)Enter (4.5.1). “Select Data

Source” dialog box appears. The

current “Chart data range “ list the

data range of original sheet or

none.

(2) Click the collapse button and

select by pointing the range of the

new data table, in this case,

I10:M31.

(3)After selecting the data, click

the Shrink button to go back to

“Select Data Source” dialog box.

The range is corrected..

Steps 4.5a Reconnecting table with the chart and separating the chart

1

2 3

(4) /OK/. The data are enclosed with three boxes.

(5) I11:I31, the range of independent variable (the horizontal

axis), is enclosed with purple borders;

(6) J10:M10, the range of the dependent variables (the

vertical axis) is enclosed with green borders.

(7) J11:M31, the data part is enclosed with blue borders.

5 7

6

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Remarks on Steps 4.5b Separating a chart into two

(a)In this way, you can reproduce as may “clone” as the table permits. For example, you may draw the

chart for each of the four variables in the table. #

(1) Click the chart Copy1, the table will be enclosed with three

boxes, as shown in Steps (5) to (7) of Steps 4.5a.

(2) When the pointer moves near a border, the borders of boxes

change to heavier lines.

(3) Click a border or the corner of the borders, like point a.

(4) Move a to b. The data box shrinks to contain TR and TC

only.

Steps 4.5b Separating a chart into two

1

a b

c

b

d

2

4

3

(5) The Copy1 chart also contains only

TR and TC curves, other entries being

the same.

(6) Now, Click Copy2 chart. Same as

Step (1) above.

(7) Click the side c and drag the whole

box to the right to d. The blue box now

contains only Profit and mProfit.

(8)* The chart now contains the two

curves. The secondary vertical axis

changes to the main axis.

.

7

5 8

Fig. 4.5a Separated charts

6

(ii) (i)

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4.5.3 Comparison of the charts

Problem (11) Now we have five charts. Which one is more informative and look better?

Problem (12) Color the chart?

Now we have five charts, the original chart, Fig. 4.4a, and the four charts, Figs. 4.4b (i) and (ii),

and 4.5a, (i) and (ii). The original one, Fig. 4.4a, looks very primitive and we may dismiss it quickly.

Fig. 4.4b (i) seems much simpler than Fig. 4.4b (ii), and probably good for a nonprofessional. Note

also, the origin of the secondary vertical axis does not fall along the major gridline, and have to use a

line to indicate the origin. This makes the second chart (ii) harder to read.

Fig. 4.5a are good for beginners and very easy to understand, especial Part (i). However, both

failed to convey the dynamic or dual nature of profit maximization and so they are one-sided.

Coloring the charts? That is another big topic. For our purpose, it is rather cosmetic, although

interesting, and do not enhance the understanding of business and economics. We probably have more

important things to learn.

4.5.4 Mathematical Conditions of Profit Maximization

Lastly, for those who have a background of quantitative methods, Fig. 4.4a conveys one of the

basic results in Business and Economics, the mathematical conditions of (unconstrained)

maximization. We use Part (ii) to explain.

A necessary condition of profit maximization

We recall that marginal profit, mProfit in (3.3.3), is extra profit earned by producing extra unit of

output. Mathematically, it is the slope of the profit curve at given level of output. The chart shows that

profit is maximized at output a, at which the mProfit, namely, the slope at b, on the profit curve, is zero.

This is also shown by the fact that the mProfit curve passing through 0 at c. The fact that, if the profit is

maximized, the mProfit must be zero is called the necessary condition of profit maximization. At the

maximum point a, the maximum profit is measured by the length of ab from the secondary vertical

axis.

Since Profit = TR – TC, when the profit is maximized, the difference between TR and TC is

also maximized. This means that the distance between d and e is the largest in the neighborhood of a.

By definition, the slope of the TR is called the marginal revenue and that of TC is called marginal

cost. The chart shows that when profit is maximized, the slope of TR equals the slope of TC, that is,

MR = MC. This is also called the necessary condition of profit maximization.

Intuitively, at the maximum profit, the mProfit must be zero since if it is not zero, then mProfit

must be either positive (on the left hand side of a) or negative (on the right-hand side of a). If it is

positive, the firm, the GiGo Company, can increase output to increase its profit, thus, the firm will

increase its profit until mProfit is zero. If it is negative, there is no reason for the firm to increase output

any more. It will rather decrease the output until the mProfit is zero. Thus, mProfit is zero at a. In fact,

a is also called the equilibrium level of output and b is the equilibrium level of profit, since the firm

has no incentive to increase or decrease the output level from a.

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Incidentally, the zero mProfit condition is called the necessary condition since zero slope of

the profit curve, or the equality between MR and MC does not guarantee that profit is maximized. This

is shown at output level = e. Clearly, at e, marginal profit is zero and MR = MC. However, the chart

shows that, profit is the smallest in the neighborhood of e. Therefore, satisfaction of the necessary

condition does not imply that the profit is maximized.

A sufficient condition of profit maximization

In the above discussion, we have not mentioned anything about the shape of the curve.

Comparing the shape of the curve between the maximum point of profit at b and the minimum point at

g, the shape of the profit curve in the neighborhood of a and g must play an important role in

determining maximum or minimum. This is indeed the case.

We have talked about the slope or the mProfit, of the profit curve at b and g. Thus, the change

of the slope is shown by the mProfit curve. Fig. 4.5b (ii) shows the Profit and mProfit curves in the

neighborhood of maximum point a. It is drawn easily by using Steps 4.5b.

From the chart, we can see that on the left-hand side neighborhood of output a, profit is

positive and mProfit (slope) is also positive, but mProfit is decreasing as Q increases. The slope

decreases to 0 at a and continues decreasing after 0, as shown by the dotted (mProfit) curve. Thus, one

of the characteristics of profit maximization is that the slope of mProfit is negative.3 Therefore, we may

conclude that if the mProfit is zero and the slope of the mProfit is negative at a, then we have a

maximum profit at a. These two conditions together are called a sufficient condition of profit

maximization.

The economic and business reasoning of decreasing mProfit is that if the mProfit is increasing,

then people will just expand the output indefinitely, and there will be no maximum output at all. This

contradict with the reality. Thus, at the maximum point, mProfit must be decreasing.4

In contrast, in Fig. 4.5b (ii), both the profit and the mProfit are negative at output e. However,

the mProfit is increasing in the neighborhood of e. Thus, a sufficient condition of minimization is that

mProfit is zero and it is increasing (the second derivative of the profit function at g is positive).

In general, this section shows the importance of using graphic to understand the properties of a

function. The topic discussed here is in the field of calculus, mathematical economics, and

management science.

3 that is, slope of the slope of the profit curve is negative. In calculus, this means that the second derivative is

negative. 4 Note that the sufficient condition is not a necessary condition since the mProfit function may be zero at the

maximum profit. For example, if the profit function is given by Profit = -Q4. See a textbook on mathematical

economics.

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(i) (ii) Fig. 4.5a A Necessary conditions of profit maximization

(ii)

Fig. 4.5b A Sufficient conditions of profit maximization

(i)

(ii)

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