Posted by Sherry on Thursday, December 6, 2012 at 3:30am.
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.
Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8 Column 9 Column 10 Column 11
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
1 165 125 $ 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
10 $ 1,163.00
Level Price Total Revenue Profit or Loss
No one has answered this question yet.
Answer this Question
Earth Science - I need help with the following Lab due tonight, 7/30/12, as I ...
economics - Redstone Clayworks, Inc. is located in Sedona, Arizona and ...
microeconomics - The marketing division of a firm has measured demand for its ...
BIS 155 Data Analysis w/Spreadsheet - How would I begin to compile data into ...
computer - Your boss wants you to input financial data into the computer to ...
microeconomics - consider total cost and total revenue given in the table bellow...
Computer - I am finishing up an assignment in Microsoft Access and am having ...
Computers - I am trying to do a formula/function in excel 2003 for this: IF(Qtr ...
Breakeven Graph - I'm not sure how to create a breakeven graph with this ...
Microeconomics - As a general rule, profit-maximiaing producers in a competitive...
For Further Reading