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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 371 times
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the word and excel file is attached

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file1.doc.docx preview (690 words)

small firm xx xxx xxxxxxxxxxxx industry, xxxxxx xxxxxx Inc., xxx xxxxxxxxxx limited data for xxxxx firm. xxxx are asking xxx xx help xxxx complete xxx xxxxxxxxxxx below so they will xx xxxx xx make decisions xxxxx on the data.

xxxxxxxx xxxxxxx (Joseph Farms, xxxxx xxxx xxx Revenue Data), either as a xxxxxxxxx xxxxx xxxxxxxxxxxx or xx x Microsoft xxxx xxxxxx Assume that xxx price xx xxxx xxx xxx xxxxx costs are xxxxx at an output xxxxx of 1. Also assume xxxx the data represents a firm in xxxx competition. xxxx xxxx xxxxxxxxxxxx in summary form.

xxxx is xxx xxxxx Rule? xx xxxx xxxxxx structures does xxxx Rule apply? Explain your xxxxxxxx

MC=MR rule xxxxxx xxxx x xxxx xxxx xxxxx to xxxxxxxx xxx profits xx xxxxxxxx its loss should xxxxxxx x level xx xxxxxx at xxxxx the additional revenue xxxxxxxx from the last xxxx xx equal to the xxxxxxxxxx xxxx xx producing that unit.

It xxxxxxx to xxx firm xx xxx market xxxx wants to xxxxxxxx its profit, xxxxxxxxxx of whether it xxx xxx xxxxx to xxx

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file2.xlsx preview (201 words)

Sheet1

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Q x TR MR TC FCVC xxxxx xx
xxxxxxxx0.00 0.00xxxxxxxxxx 3522174.44 xxxxx = xxxxxx - xxxxx
14000.00 10.00140000.00 xxxxxxxxx3451900.00xxxxxxxxxx -70274.44xxxxxx -5.02 xxxxxxxxx
xxxxxxxx20.00 276680.00xxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxx244.50-10.10xxxxxxxxx xx x 500,000 x xxxxx + 0.015Q2
13668.00xxxxxxxxxxxxxxxxxxxxxxx3313831.16xxxxxxxxxx-208343.28xxxxxx xxxxxxxxxxxxxxx
xxxxxxxx40.00 540080.00130040.00 xxxxxxxxxx xxxxxxxxxx-276137.68xxxxxx-20.45xxxxxxxxx
13336.00 xxxxx 666800.00 126720.00 3179069.04 3522174.44-343105.40 238.38xxxxxx xxxxxxxxx
xxxxxxxxxxxxx790200.00 123400.00xxxxxxxxxx xxxxxxxxxx -409246.44 236.37xxxxxxxxxxxxxxx
13004.0070.00 910280.00 xxxxxxxxx xxxxxxxxxxxxxxxxxxxx-474560.80 234.36 -36.49-65314.36
xxxxxxxx80.00 xxxxxxxxxx116760.00xxxxxxxxxx3522174.44xxxxxxxxxxxxxxxx-41.99xxxxxxxxx
12672.00 90.00xxxxxxxxxxxxxxxxxxxxxxxxxxxxx 3522174.44xxxxxxxxxx230.39-47.56 -63661.00
xxxxxxxxxxxxxx1250600.00110120.00 2856630.64 xxxxxxxxxxxxxxxxxxxx 228.42 -53.22 -62834.32
Column 1xxxxxx xxxxxxx 3xxxxxx 4Column x Column 6xxxxxx xxxxxxx 8 xxxxxx xColumn xxColumn 11
xxxxxx Price per xxxxxxxxx xxxxx xxxxxxxxx Variable xxxx xxxxx xxxxAverage Fixed Costxxxxxxx Variable CostAverage Total xxxx MarginalMarginal Revenue Total

- - - more text follows - - -


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