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Submitted by aleand19 on Mon, 2013-06-17 21:05
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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 09:58
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both excel and word file are attached

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file1.doc.docx preview (693 words)

small firm xx the agricultural xxxxxxxxx Joseph xxxxxx Inc., has researched xxxxxxx data xxx xxxxx xxxxx xxxx are xxxxxx xxx xx help them xxxxxxxx xxx xxxxxxxxxxx below so xxxx will xx able xx xxxx xxxxxxxxx xxxxx on xxx xxxxx

Complete xxxxxxx xxxxxxx Farms, Inc., xxxx xxx xxxxxxx xxxxxx either xx a xxxxxxxxx xxxxx spreadsheet, xx as a xxxxxxxxx xxxx table. Assume xxxx the xxxxx is xxxx xxx the fixed costs xxx $125, at an output xxxxx of 1. Also assume xxxx xxx data xxxxxxxxxx a xxxx in pure xxxxxxxxxxxx xxxx your xxxxxxxxxxxx xx xxxxxxx xxxxx

xxxx is the MC=MR xxxxx To xxxx market xxxxxxxxxx does xxxx Rule apply? xxxxxxx xxxx answers.

MC=MR xxxx states that x firm that xxxxx xx maximize its xxxxxxx xx xxxxxxxx its loss xxxxxx produce a xxxxx xx output xx which the additional xxxxxxx received xxxx xxx xxxx unit is equal to xxx additional xxxx xx xxxxxxxxx xxxx xxxxx

xx xxxxxxx to xxx xxxx in any market that xxxxx xx xxxxxxxx its xxxxxxx xxxxxxxxxx xx whether xx has the power xx set

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file2.xlsx preview (216 words)

xxxxxx

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
QxTRMR TC FCVCAC xxx xx
14166.00xxxxxxxx 3522174.44xxxxxxxxxxxxxx x x xxxxxx x 16.6P
xxxxxxxx 10.00 xxxxxxxxxxxxxxxxxx 3451900.003522174.44xxxxxxxxx xxxxxx -5.02-70274.44
13834.00 20.00 276680.00 136680.00 xxxxxxxxxx 3522174.44xxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxx x xxxxxxx + 0.85Q x 0.015Q2
13668.00xxxxxxxxxxxxxx xxxxxxxxx 3313831.163522174.44-208343.28 xxxxxx -15.24 xxxxxxxxx
13502.00 40.00540080.00 130040.00 3246036.76 xxxxxxxxxx -276137.68xxxxxx -20.45-67794.40
xxxxxxxx 50.00xxxxxxxxx126720.003179069.043522174.44-343105.40238.38 -25.73 xxxxxxxxx
xxxxxxxx60.00 xxxxxxxxx 123400.003112928.003522174.44xxxxxxxxxx xxxxxx -31.07-66141.04
xxxxxxxx70.00xxxxxxxxx 120080.00xxxxxxxxxx 3522174.44xxxxxxxxxx234.36xxxxxx -65314.36
xxxxxxxx xxxxxxxxxxxxxxx 116760.002983125.963522174.44xxxxxxxxxx 232.37xxxxxxxxxxxxxxx
xxxxxxxx90.00 1140480.00 xxxxxxxxx xxxxxxxxxx 3522174.44xxxxxxxxxx xxxxxx xxxxxx xxxxxxxxx
xxxxxxxx xxxxxx1250600.00110120.00 xxxxxxxxxxxxxxxxxxxx xxxxxxxxxx xxxxxx xxxxxx -62834.32
xxxxxx x Column 2Column xColumn xColumn 5xxxxxx 6 xxxxxx xColumn x xxxxxx 9Column xx Column 11
xxxxxx Price per xxxxTotal xxxxx Cost Total Variable xxxxTotal xxxxxxxxxxx xxxxx CostAverage xxxxxxxx xxxxxxxxxxx Total xxxx xxxxxxxxxxxxxxxx RevenueTotal

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