Working with Matrices in Excel

A car dealer sells 8 different models of a car. Every model is available as a basic, standard, premium, and luxury version. The retail price and dealer invoice price is shown below as well as included in the Excel file.

? Question 1: The markup is the difference between the retail price and the dealer invoice. In Excel, calculate the markup matrix and name it Markup.

? Question 2: Suppose that manufacturing costs have gone up and the dealer invoice price is to have an across-the-board 15% increase next year. To stay competitive with other dealerships, the dealer increases the retail prices 10%. In excel, calculate a markup matrix for next year and name it Next Years Markup.

Suppose these cars are manufactured in plants located in Washington (WA), Massachusetts (MA), and Virginia (VA). In each state, there are varying labor-hour and wage requirements for the manufacture of each type of model, as shown below:

? Question 3: If we call the Labor-hours per Vehicle matrix ?? and the Hourly Wages matrix ??, what are some possible interpretations of the matrix products ???? and ????, if they exist? Write your answer in the email (not the excel file).

? Question 4: If either of the products ???? and ???? have a meaningful interpretation, find the product in excel and label its rows and columns according to that interpretation.

Basic Standard Premium Luxury Model A $15,699 $16,099 $16,899 $18,000 Model B $17,599 $17,999 $18,499 $19,999 Model C $18,900 $19,999 $20,999 $22,399 Model D $18,999 $19,900 $21,459 $22,099 Model E $19,899 $22,299 $22,999 $24,800 Model F $24,999 $27,000 $27,899 $28,599 Model G $26,900 $27,890 $29,500 $29,999 Model H $29,999 $31,400 $35,000 $39,999

Retail Price Basic Standard Premium Luxery

Model A $14,000 $14,500 $15,000 $16,000 Model B $14,750 $15,000 $16,250 $17,000 Model C $16,000 $16,800 $17,500 $19,000 Model D $16,000 $16,900 $18,000 $19,500 Model E $18,000 $18,900 $19,250 $20,250 Model F $20,000 $22,000 $24,000 $26,000 Model G $21,000 $22,250 $24,400 $25,300 Model H $24,000 $26,600 $29,500 $32,500

Dealer Invoice Price

Production Assembly Inspection Basic 0.5 0.8 0.9 Standard 0.9 1.2 0.8 Premium 1 1.5 1 Luxury 2 2.4 1.4

Labor-hours per Vehicle (Matrix C)

WA MA VA Production $17.50 $14.55 $13.76 Assembly $15.40 $12.34 $12.87 Inspection $18.43 $13.54 $12.15

Hourly Wages (Matrix D)

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