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Question
Submitted by shahimermaid on Wed, 2013-02-20 10:56
due on Sun, 2013-02-24 10:55
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mocy20 on Tue, 28 May 2013
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economics

small firm in the agricultural industry, Joseph Farms, Inc., has researched limited data for their firm. They are asking you to help them complete the information below so they will be able to make decisions based on the data.

  1. 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.
  2. What is the MC=MR Rule? To what market structures does this Rule apply? Explain your answers.
  3. Using Microsoft Excel, graph the data in Columns 9 and 10.
  4. What is the profit maximizing (or loss minimizing) output for this firm? Is there an economic profit? Explain your answers.
  5. Explain why a firm in pure competition is considered to be a “price taker.”
  6. 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.
  7. 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

Level

Price per unit

Total Fixed Cost

Total Variable Cost

Total Cost

Average Fixed Cost

Average Variable Cost

Average Total Cost

Marginal

Cost

Marginal Revenue

Total Revenue

0

   

$ -

 

NA

     

1

 

$125

$ 113.00

$165

           

2

   

$ 213.00

             

3

   

$ 300.00

             

4

   

$ 375.00

             

5

   

$ 463.00

             

6

   

$ 563.00

             

7

   

$ 675.00

             

8

   

$ 813.00

             

9

   

$ 975.00

             

10

   

$ 1,163.00

             

Table-2: Joseph Farms, Inc., Revenue/Profit/Loss Data

Output

Level

Price

Total Revenue

Profit or Loss

0

     

1

     

2

     

3

     

4

     

5

     

6

     

7

     

8

     

9

     

10

     
Answer
Submitted by shahimermaid on Wed, 2013-02-20 10:58
teacher rated 386 times
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the word and excel file is attached

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file1.doc.docx preview (554 words)

xxxxx xxxx in xxx xxxxxxxxxxxx xxxxxxxxx Joseph Farms, Inc., has xxxxxxxxxx limited data for xxxxx firm. xxxx xxx xxxxxx you to xxxx them xxxxxxxx xxx information below so xxxx xxxx be able xx make xxxxxxxxx xxxxx on the data.

Complete xxxxxxx xxxxxxx Farms, xxxxx xxxx and Revenue xxxxxx either xx x xxxxxxxxx Excel spreadsheet, xx as a xxxxxxxxx xxxx table. Assume that the price is $165 xxx the xxxxx xxxxx xxx $125, xx an xxxxxx level of 1. Also xxxxxx xxxx xxx data represents a xxxx xx xxxx competition. xxxx xxxx xxxxxxxxxxxx xx summary xxxxx

What xx xxx xxxxx Rule? xx what market structures does this Rule xxxxxx Explain your answers.

MC=MR rule states xxxx x firm xxxx wants xx maximize its profits or xxxxxxxx its loss should produce x level xx output xx xxxxx the additional revenue received xxxx xxx last unit is xxxxx xx xxx xxxxxxxxxx xxxx of xxxxxxxxx xxxx unit.

It applies xx xxx xxxx in xxx xxxxxx that wants xx maximize its profit, regardless of whether it has xxx power to set

- - - more text follows - - -

file2.xlsx preview (101 words)

xxxxxx

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
QPxxxxxx FCVCAC AVC xx
xxxxxxxxxxxxxxxx xxxxxxxxxx xxxxxxxxxxxxxxx = xxxxxx - xxxxx
xxxxxxxx 10.00 140000.00 xxxxxxxxx xxxxxxxxxx xxxxxxxxxx xxxxxxxxxxxxxxx-5.02-70274.44
xxxxxxxx 20.00xxxxxxxxxxxxxxxxxxxxxxxxxxxx3522174.44-139722.20 xxxxxx -10.10xxxxxxxxx xx = 500,000 x xxxxx + xxxxxxx
xxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxx-208343.28xxxxxx-15.24 xxxxxxxxx
xxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxx xxxxxx-20.45xxxxxxxxx
13336.00 50.00666800.00126720.003179069.04 3522174.44 -343105.40 xxxxxx -25.73 xxxxxxxxx
xxxxxxxx xxxxx xxxxxxxxx123400.00 3112928.00 xxxxxxxxxx -409246.44236.37xxxxxx -66141.04
13004.0070.00xxxxxxxxxxxxxxxxxx3047613.64xxxxxxxxxx-474560.80234.36-36.49-65314.36
xxxxxxxx80.00 xxxxxxxxxx 116760.00 xxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx-64487.68
12672.00 90.00 xxxxxxxxxx113440.00 xxxxxxxxxxxxxxxxxxxx -602709.48 xxxxxx-47.56-63661.00
12506.00 xxxxxx1250600.00 xxxxxxxxx 2856630.64xxxxxxxxxx -665543.80xxxxxxxxxxxx -62834.32
xxxxxx 1Column 2Column x Column x xxxxxx 5 xxxxxx xxxxxxx xColumn 8Column 9xxxxxx 10Column 11
Output Price xxx xxxxTotal Fixed Costxxxxx xxxxxxxx xxxx Total xxxxAverage xxxxx xxxx xxxxxxx Variable Costxxxxxxx xxxxx Cost xxxxxxxx Marginal RevenueTotal xxxxxxx
Levelxxxx
0 xxxxxx xxxxxx0.00125.00 MC MR
x 165.00125.00 113.00238.00 xxxxxx xxxxxx238.00 xxxxxx xxxxxx xxxxxx
x 165.00 125.00213.00 338.00xxxxxxxxxxx169.00 87.00165.00 xxxxxx
x165.00 125.00 xxxxxx xxxxxx41.67 xxxxxx xxxxxx xxxxx 165.00 495.00
4 165.00 125.00375.00xxxxxx xxxxx xxxxx xxxxxx 88.00 165.00 660.00
x165.00 125.00 xxxxxx 588.00xxxxx92.60xxxxxxxxxxxxxxxxxx825.00
xxxxxxx 125.00xxxxxx xxxxxx 20.83 xxxxx114.67xxxxxx165.00 xxxxxx
x 165.00 125.00xxxxxx 800.0017.86 xxxxx xxxxxx xxxxxxxxxxxx xxxxxxx
x 165.00 xxxxxxxxxxxx938.0015.63 xxxxxx xxxxxxxxxxxx xxxxxx1320.00
9 xxxxxxxxxxxxxxxxxx1100.00 xxxxxxxxxxx122.22 188.00 xxxxxx xxxxxxx
xx xxxxxx xxxxxx xxxxxxx1288.0012.50 xxxxxx xxxxxx xxxxxxx
xxxxxxxxxxxTotal xxxxxxx xxxxxx or xxxx
xxxxx
x 165.00 xxxxxxx
1165.00xxxxxx xxxxxx
x xxxxxxxxxxxx-8.00
x 165.00495.00 70.00
4 165.00660.00 160.00
5 165.00825.00237.00
x165.00990.00302.00
7165.00xxxxxxx xxxxxx
8xxxxxx1320.00xxxxxx
x 165.00 xxxxxxx xxxxxx
10 165.00xxxxxxx362.00

xxxxxx

Sheet3


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