## Just do my homework!

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Submitted by shahimermaid on Wed, 2013-02-20 10:56
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 A small firm in the... LASA 1: The Costs... Complete Table-1 (Joseph Farms, Inc.,...

# 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
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## the word and excel file is attached

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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
 Q P xx xx xx FC VC AC AVC xx xxxxxxxx xxxx xxxx xxxxxxxxxx xxxxxxxxxx xxxx x = xxxxxx - xxxxx xxxxxxxx 10.00 140000.00 xxxxxxxxx xxxxxxxxxx xxxxxxxxxx xxxxxxxxx xxxxxx -5.02 -70274.44 xxxxxxxx 20.00 xxxxxxxxx xxxxxxxxx xxxxxxxxxx 3522174.44 -139722.20 xxxxxx -10.10 xxxxxxxxx xx = 500,000 x xxxxx + xxxxxxx xxxxxxxx xxxxx xxxxxxxxx xxxxxxxxx xxxxxxxxxx xxxxxxxxxx -208343.28 xxxxxx -15.24 xxxxxxxxx xxxxxxxx xxxxx xxxxxxxxx xxxxxxxxx xxxxxxxxxx xxxxxxxxxx xxxxxxxxxx xxxxxx -20.45 xxxxxxxxx 13336.00 50.00 666800.00 126720.00 3179069.04 3522174.44 -343105.40 xxxxxx -25.73 xxxxxxxxx xxxxxxxx xxxxx xxxxxxxxx 123400.00 3112928.00 xxxxxxxxxx -409246.44 236.37 xxxxxx -66141.04 13004.00 70.00 xxxxxxxxx xxxxxxxxx 3047613.64 xxxxxxxxxx -474560.80 234.36 -36.49 -65314.36 xxxxxxxx 80.00 xxxxxxxxxx 116760.00 xxxxxxxxxx xxxxxxxxxx xxxxxxxxxx xxxxxx xxxxxx -64487.68 12672.00 90.00 xxxxxxxxxx 113440.00 xxxxxxxxxx xxxxxxxxxx -602709.48 xxxxxx -47.56 -63661.00 12506.00 xxxxxx 1250600.00 xxxxxxxxx 2856630.64 xxxxxxxxxx -665543.80 xxxxxx xxxxxx -62834.32 xxxxxx 1 Column 2 Column x Column x xxxxxx 5 xxxxxx x xxxxxx x Column 8 Column 9 xxxxxx 10 Column 11 Output Price xxx xxxx Total Fixed Cost xxxxx xxxxxxxx xxxx Total xxxx Average xxxxx xxxx xxxxxxx Variable Cost xxxxxxx xxxxx Cost xxxxxxxx Marginal Revenue Total xxxxxxx Level xxxx 0 xxxxxx xxxxxx 0.00 125.00 MC MR x 165.00 125.00 113.00 238.00 xxxxxx xxxxxx 238.00 xxxxxx xxxxxx xxxxxx x 165.00 125.00 213.00 338.00 xxxxx xxxxxx 169.00 87.00 165.00 xxxxxx x 165.00 125.00 xxxxxx xxxxxx 41.67 xxxxxx xxxxxx xxxxx 165.00 495.00 4 165.00 125.00 375.00 xxxxxx xxxxx xxxxx xxxxxx 88.00 165.00 660.00 x 165.00 125.00 xxxxxx 588.00 xxxxx 92.60 xxxxxx xxxxxx xxxxxx 825.00 x xxxxxx 125.00 xxxxxx xxxxxx 20.83 xxxxx 114.67 xxxxxx 165.00 xxxxxx x 165.00 125.00 xxxxxx 800.00 17.86 xxxxx xxxxxx xxxxxx xxxxxx xxxxxxx x 165.00 xxxxxx xxxxxx 938.00 15.63 xxxxxx xxxxxx xxxxxx xxxxxx 1320.00 9 xxxxxx xxxxxx xxxxxx 1100.00 xxxxx xxxxxx 122.22 188.00 xxxxxx xxxxxxx xx xxxxxx xxxxxx xxxxxxx 1288.00 12.50 xxxxxx xxxxxx xxxxxxx xxxxxx xxxxx Total xxxxxxx xxxxxx or xxxx xxxxx x 165.00 xxxxxxx 1 165.00 xxxxxx xxxxxx x xxxxxx xxxxxx -8.00 x 165.00 495.00 70.00 4 165.00 660.00 160.00 5 165.00 825.00 237.00 x 165.00 990.00 302.00 7 165.00 xxxxxxx xxxxxx 8 xxxxxx 1320.00 xxxxxx x 165.00 xxxxxxx xxxxxx 10 165.00 xxxxxxx 362.00