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# Complete Table-1 (Joseph Farms, Inc., Cost and Revenue Data), either as a Microsoft Excel spreadsheet, or as a Microsoft Word...

Complete Table-1 (Joseph Farms, Inc., Cost and Revenue Data), either as a Microsoft Excel spreadsheet, or as a Microsoft Word table. Assume that the price is \$165 and the fixed costs are \$125, at an output level of 1. Also assume that the data represents a firm in pure competition. Show your calculations in summary form. What is the MC=MR Rule? To what market structures does this Rule apply? Explain your answers. Using Microsoft Excel, graph the data in Columns 9 and 10. What is the profit maximizing (or loss minimizing) output for this firm? Is there an economic profit? Explain your answers. Explain why a firm in pure competition is considered to be a “price taker.” Using the data in Table-1 (Joseph Farms, Inc., Cost and Revenue Data), complete Table-2 (Joseph Farms, Inc., Revenue/Profit/Loss Data), either as a Microsoft Excel spreadsheet, or as a Microsoft Word table. Show your calculations in summary form. Using the data in Table-2 (Joseph Farms, Inc., Revenue/Profit/Loss Data), what is the break even output level for this firm? If this firm is in pure competition, at what output level would they operate? Show your calculations in summary form

Table-1: Joseph Farms, Inc., Cost and Revenue Data

Column 1

Column 2

Column 3

Column 4

Column 5

Column 6

Column 7

Column 8

Column 9

Column 10

Column 11

Output

Price per unit

Total Fixed Cost

Total Variable Cost

Total Cost

Average Fixed Cost

Average Variable Cost

Average Total Cost

Marginal

Marginal Revenue

Total Revenue

Level

Cost

0

\$ -

NA

1

\$ 113.00

2

\$ 213.00

3

\$ 300.00

4

\$ 375.00

5

\$ 463.00

6

\$ 563.00

7

\$ 675.00

8

\$ 813.00

Complete Table-1 (Joseph Farms, Inc., Cost and Revenue Data), either as a Microsoft Excel spreadsheet, or as a Microsoft Word table. Assume that the price is \$165 and the fixed costs are \$125, at an output level of 1. Also assume that the data represents a firm in pure competition. Show your calculations in summary form. What is the MC=MR Rule? To what market structures does this Rule apply? Explain your answers. Using Microsoft Excel, graph the data in Columns 9 and 10. What is the profit maximizing (or loss minimizing) output for this firm? Is there an economic profit? Explain your answers. Explain why a firm in pure competition is considered to be a “price taker.” Using the data in Table-1 (Joseph Farms, Inc., Cost and Revenue Data), complete Table-2 (Joseph Farms, Inc., Revenue/Profit/Loss Data), either as a Microsoft Excel spreadsheet, or as a Microsoft Word table. Show your calculations in summary form. Using the data in Table-2 (Joseph Farms, Inc., Revenue/Profit/Loss Data), what is the break even output level for this firm? If this firm is in pure competition, at what output level would they operate? Show your calculations in summary form

Table-1: Joseph Farms, Inc., Cost and Revenue Data

Column 1

Column 2

Column 3

Column 4

Column 5

Column 6

Column 7

Column 8

Column 9

Column 10

Column 11

Output

Price per unit

Total Fixed Cost

Total Variable Cost

Total Cost

Average Fixed Cost

Average Variable Cost

Average Total Cost

Marginal

Marginal Revenue

Total Revenue

Level

Cost

0

\$ -

NA

1

\$ 113.00

2

\$ 213.00

3

\$ 300.00

4

\$ 375.00

5

\$ 463.00

6

\$ 563.00

7

\$ 675.00

8

\$ 813.00

9

\$ 975.00

5+4

9

\$ 975.00

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## both excel and word file are attached

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small xxxx xx xxx agricultural xxxxxxxxx Joseph xxxxxx Inc., has researched limited data for xxxxx xxxxx xxxx xxx xxxxxx you xx xxxx xxxx xxxxxxxx the xxxxxxxxxxx below so they will xx xxxx to make xxxxxxxxx xxxxx on xxx data.

xxxxxxxx Table-1 xxxxxxx Farms, xxxxx Cost xxx xxxxxxx xxxxxx either as a xxxxxxxxx Excel xxxxxxxxxxxx xx xx x Microsoft xxxx table. Assume xxxx the xxxxx xx xxxx and the xxxxx xxxxx are xxxxx at an output level of xx Also assume that xxx data xxxxxxxxxx x xxxx in xxxx xxxxxxxxxxxx Show xxxx calculations xx xxxxxxx xxxxx

xxxx is xxx MC=MR Rule? To what xxxxxx xxxxxxxxxx does this xxxx apply? Explain your xxxxxxxx

MC=MR xxxx xxxxxx that a xxxx xxxx xxxxx to xxxxxxxx xxx profits xx xxxxxxxx its loss should xxxxxxx a level of xxxxxx xx xxxxx xxx additional revenue received from xxx last xxxx is equal xx xxx xxxxxxxxxx cost xx producing that xxxxx

xx xxxxxxx to xxx xxxx in xxx market that xxxxx xx maximize its xxxxxxx regardless xx whether it has the power xx xxx

- - - more text follows - - -

file2.xlsx preview (101 words)

# xxxxxx

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
 x x TR MR TC FC xx xx AVC xx 14166.00 0.00 xxxx xxxxxxxxxx 3522174.44 0.00 x x xxxxxx - xxxxx xxxxxxxx 10.00 xxxxxxxxx 140000.00 xxxxxxxxxx xxxxxxxxxx -70274.44 xxxxxx -5.02 -70274.44 xxxxxxxx 20.00 276680.00 xxxxxxxxx xxxxxxxxxx xxxxxxxxxx -139722.20 xxxxxx -10.10 xxxxxxxxx TC = 500,000 x xxxxx + 0.015Q2 xxxxxxxx 30.00 410040.00 133360.00 3313831.16 3522174.44 -208343.28 xxxxxx -15.24 xxxxxxxxx xxxxxxxx 40.00 540080.00 130040.00 xxxxxxxxxx xxxxxxxxxx -276137.68 xxxxxx xxxxxx xxxxxxxxx 13336.00 xxxxx xxxxxxxxx xxxxxxxxx 3179069.04 xxxxxxxxxx xxxxxxxxxx xxxxxx xxxxxx xxxxxxxxx xxxxxxxx xxxxx 790200.00 123400.00 xxxxxxxxxx 3522174.44 -409246.44 xxxxxx xxxxxx xxxxxxxxx 13004.00 xxxxx xxxxxxxxx 120080.00 3047613.64 3522174.44 xxxxxxxxxx xxxxxx xxxxxx xxxxxxxxx xxxxxxxx xxxxx xxxxxxxxxx 116760.00 xxxxxxxxxx 3522174.44 xxxxxxxxxx 232.37 xxxxxx -64487.68 xxxxxxxx xxxxx xxxxxxxxxx xxxxxxxxx 2919464.96 xxxxxxxxxx -602709.48 xxxxxx xxxxxx -63661.00 12506.00 100.00 1250600.00 110120.00 xxxxxxxxxx xxxxxxxxxx xxxxxxxxxx xxxxxx xxxxxx xxxxxxxxx Column 1 Column x Column 3 xxxxxx x Column 5 Column x xxxxxx 7 Column 8 xxxxxx 9 Column 10 Column 11 xxxxxx Price xxx xxxx xxxxx xxxxx Cost xxxxx Variable xxxx xxxxx Cost Average xxxxx xxxx Average Variable xxxx Average xxxxx Cost xxxxxxxx Marginal Revenue xxxxx Revenue xxxxx Cost 0 165.00 125.00 0.00 125.00 xx MR 1 xxxxxx 125.00 xxxxxx 238.00 125.00 113.00 238.00 xxxxxx xxxxxx 165.00 x 165.00 125.00 xxxxxx xxxxxx 62.50 106.50 169.00 87.00 xxxxxx xxxxxx 3 165.00 125.00 xxxxxx 425.00 xxxxx xxxxxx xxxxxx xxxxx 165.00 xxxxxx x 165.00 125.00 375.00 xxxxxx xxxxx 93.75 125.00 88.00 xxxxxx 660.00 5 165.00 xxxxxx 463.00 xxxxxx xxxxx 92.60 117.60 xxxxxx xxxxxx 825.00 6 165.00 125.00 563.00 xxxxxx xxxxx xxxxx xxxxxx 112.00 165.00 xxxxxx x xxxxxx 125.00 675.00 800.00 17.86 xxxxx 114.29 138.00 xxxxxx 1155.00 x 165.00 125.00 813.00 xxxxxx xxxxx xxxxxx xxxxxx xxxxxx xxxxxx xxxxxxx x 165.00 125.00 975.00 1100.00 13.89 108.33 xxxxxx 188.00 165.00 xxxxxxx xx 165.00 xxxxxx 1163.00 1288.00 12.50 116.30 xxxxxx 1650.00 xxxxxx xxxxx Total Revenue xxxxxx xx Loss Level x xxxxxx xxxxxxx 1 165.00 xxxxxx xxxxxx 2 165.00 xxxxxx xxxxx 3 xxxxxx xxxxxx xxxxx x 165.00 660.00 xxxxxx x 165.00 xxxxxx xxxxxx x xxxxxx 990.00 xxxxxx x 165.00 xxxxxxx xxxxxx x 165.00 1320.00 382.00 x xxxxxx xxxxxxx 385.00 xx xxxxxx 1650.00 362.00