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Submitted by aleand19 on Mon, 2013-06-17 22:05
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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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Answer
Submitted by shahimermaid on Thu, 2013-06-20 10:58
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both excel and word file are attached

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file1.doc.docx preview (554 words)

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 xTR MR TC FCxx xxAVC xx
14166.00 0.00xxxxxxxxxxxxxx 3522174.440.00x x xxxxxx - xxxxx
xxxxxxxx 10.00xxxxxxxxx 140000.00xxxxxxxxxx xxxxxxxxxx -70274.44xxxxxx-5.02 -70274.44
xxxxxxxx20.00276680.00 xxxxxxxxxxxxxxxxxxx xxxxxxxxxx -139722.20 xxxxxx -10.10xxxxxxxxxTC = 500,000 x xxxxx + 0.015Q2
xxxxxxxx30.00 410040.00133360.00 3313831.163522174.44-208343.28xxxxxx-15.24xxxxxxxxx
xxxxxxxx 40.00540080.00130040.00 xxxxxxxxxxxxxxxxxxxx -276137.68 xxxxxx xxxxxx xxxxxxxxx
13336.00xxxxx xxxxxxxxxxxxxxxxxx3179069.04 xxxxxxxxxxxxxxxxxxxx xxxxxx xxxxxx xxxxxxxxx
xxxxxxxx xxxxx790200.00123400.00 xxxxxxxxxx3522174.44-409246.44xxxxxx xxxxxxxxxxxxxxx
13004.00xxxxxxxxxxxxxx 120080.003047613.643522174.44xxxxxxxxxx xxxxxx xxxxxx xxxxxxxxx
xxxxxxxxxxxxx xxxxxxxxxx116760.00 xxxxxxxxxx 3522174.44 xxxxxxxxxx232.37xxxxxx -64487.68
xxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxx 2919464.96 xxxxxxxxxx -602709.48xxxxxxxxxxxx -63661.00
12506.00 100.001250600.00 110120.00xxxxxxxxxxxxxxxxxxxx xxxxxxxxxx xxxxxx xxxxxxxxxxxxxxx
Column 1 Column x Column 3 xxxxxx x Column 5Column x xxxxxx 7 Column 8xxxxxx 9 Column 10Column 11
xxxxxxPrice xxx xxxx xxxxx xxxxx Costxxxxx Variable xxxxxxxxx Cost Average xxxxx xxxx Average Variable xxxx Average xxxxx Costxxxxxxxx Marginal Revenue xxxxx Revenue
xxxxxCost
0 165.00125.000.00 125.00xxMR
1xxxxxx 125.00xxxxxx 238.00 125.00 113.00238.00 xxxxxx xxxxxx165.00
x 165.00 125.00 xxxxxxxxxxxx62.50 106.50169.00 87.00 xxxxxx xxxxxx
3165.00125.00 xxxxxx 425.00xxxxxxxxxxx xxxxxx xxxxx 165.00 xxxxxx
x 165.00125.00 375.00xxxxxx xxxxx 93.75125.00 88.00xxxxxx660.00
5 165.00 xxxxxx 463.00xxxxxx xxxxx 92.60117.60 xxxxxx xxxxxx 825.00
6165.00 125.00563.00xxxxxx xxxxx xxxxxxxxxxx112.00 165.00xxxxxx
xxxxxxx125.00 675.00800.00 17.86xxxxx114.29 138.00xxxxxx 1155.00
x165.00 125.00 813.00xxxxxx xxxxx xxxxxx xxxxxx xxxxxx xxxxxx xxxxxxx
x 165.00 125.00975.00 1100.00 13.89 108.33 xxxxxx 188.00 165.00 xxxxxxx
xx165.00 xxxxxx1163.001288.00 12.50116.30 xxxxxx1650.00
xxxxxxxxxxx Total Revenuexxxxxx xx Loss
Level
xxxxxxxxxxxxxx
1165.00xxxxxxxxxxxx
2165.00xxxxxx xxxxx
3 xxxxxxxxxxxx xxxxx
x 165.00660.00 xxxxxx
x165.00xxxxxx xxxxxx
x xxxxxx990.00xxxxxx
x165.00xxxxxxx xxxxxx
x165.001320.00382.00
x xxxxxx xxxxxxx385.00
xxxxxxxx 1650.00362.00

Sheet2

Sheet3


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