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Using Microsoft Excel to Solve Economic Optimization Problems

Mr. Umair Ayaz, Research fellow, Innovation and Technology Centre (ITC), Lahore School of Economics conducted a brief session/ workshop on "Using Microsoft excel to solve economic optimization problems" on December 12, 2017. This workshop was conducted in the Economics Faculty Development Workshop, Winter Term 2017.

Optimization problems in calculus often involve the determination of the "optimal" (meaning, the best) value of a quantity. For instance, we might want to know the biggest area that a piece of rope could be tied around. Or how high a ball could go before it falls back to the ground. Or at which point of a loop does a roller coaster run the slowest. Very often, the optimization must be done with certain constraints. In the case of the rope, we're limited by its length. These constraints are usually very helpful to solve optimization problems. Optimal values are often either the maximum or the minimum values of a certain function.

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