Introduction to Excel EC 151 Principles of Microeconomics Block 3,

Tutorial Outline How to use Excel Inputting Data Basic Formulas Built in functions Basic Graphing XY plots Creating Supply and Demand Tables Graphing Supply and Demand Labeling and formatting plots

Uses of Excel Budget data Accounting data Graphing Organizing information Finding information Creating data

DATA Management Tab menus Formula Bar Cell formats Editing Cells Inserting and deleting rows or columns

Inputting Data 1.Keyboard Entry 2.Import from text file 3.Importing from the internet

Keyboard Entry Open a new workbook by going to file  New  blank workbook Type in the new data Save workbook using the File Menu Copy and Paste from other Excel Sheets Copy (ctrl C) Paste (ctrl V)

Import Text File Open Excel Click on File  Open  On the drop down menu select “Text Files”  open the text file.

Open the Micro Data Open File “Micro Data” Go to the Colorado College Economics and Business webpage. Go to resources for students Click on Labs and Tutorials Download and Open “Micro Data” You should have a data set similar to the one at the right.

Reference Cells A cell reference refers to a cell or a range of cells on a worksheet and can be used in a formula so that Excel can find the values or data that you want that formula to calculate The importance of “=“ in formulas—necessary to direct excel to find your data Absolute reference cells ($) Basic data and reporting of statistics Formulas

Basic Formulas Addition You can add across cells, columns, or rows by using an addition formula Subtraction You can subtract between cells, columns, or rows by using a subtraction formula Multiplication You can multiply across cells, columns, or rows by using a multiplication formula Division You can divide among cells, rows, columns by using a division symbol

Built in Functions AVERAGE—gives the average of a set of reference cells ABS—gives the absolute values of cells LCM—returns the least common multiple of a number STDEV(P)A-returns the standard deviation of sample or entire population LOG-returns the log of a value MEDIAN—returns the median of a sample SUM—returns the sum of a sample COUNT(A)—counts the number of cells that have numbers/not empty NPV—returns the net present value given a rate, and original value IF—checks whether a condition is met and returns a value based on the test. PMT—calculates the payment for a loan based on constant payments and an interest rate.

Excel Keystrokes Shortcut keys work in excel as well as word Using the keystrokes will save you a lot of time Use the following two shortcuts while working in excel Ctrl+Shift+Arrow==allows you to select all the data in a row, column or matrix Ctrl+Arrow==allows you to move to the end of a row or column.

Basic Graphing To make a basic bar graph Select your data (highlight column A) Click on Insert Click on Column

XY Plots Click on Insert Select Scatter You should now have a blank Plot. Up on the toolbar, click “Select Data” In the “chart data range” select Column A

XY Plots Continued Click on Price-then “edit” In the Edit Series Window, Select Column B as the “Series X values” Click ok

Formatting you Plots To Insert a line of best fit, go up to “Chart Tools” Under design, select the chart with a linear fit

Labeling Axes Under Chart Tools select “layout” Click on “Chart Title” and Label your graph Next Click on “Axis Titles” and edit your axes

Generating Supply and Demand Tables Open a new worksheet (click sheet2 on the bottom left corner) Type “price” into cell A2 and “Qd” in cell B2 Generate the price series ranging from 0 to 20 by increments of 1. Rather than type each number in manually, use Excel’s automatic fill function. Type “0” and “1” into rows two and three. Highlight the cells and then drag the bottom right corner down to row 22.

Generate the Qd Column The demand function we’ll use today is Qd=20-P In cell B2 write the formula “=20- A2” Hit enter Click on the cell B2, and double click on the black square in the lower right corner. This will autofill the remainder of the demand column.

Generate a Qs Column Using the Quantity Supply Function Qs=- 10+2P generate a column of quantity supply Can you find the equilibrium price and quantity?

Graphing Supply and Demand Scatter plot of Supply and Demand Highlight Columns A-C Click Insert  Scatter  select a scatter plot with lines

Formatting your Plot Under Chart tools, select Layout Click on Axis Titles—select the title type you prefer and label your graph Click on Axis Titles—Label your vertical axis “price” and the horizontal axis “quantity”

Questions? Thank you for your time. Additional questions may also be ed to This presentation along with the data are available in the student resource section of the Economics and Business webpage.