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
Answer this Question
More Related Questions
- microeconomics - Using MS Excel or a table in MS Word, complete Table-1 (Joseph ...
- Educational Technology. - 1. probability can be used to determine the likelihood...
- Business Analytic - The spreadsheet below gives some of Redstone’s production ...
- Earth Science - I need help with the following Lab due tonight, 7/30/12, as I ...
- economics - A firm has fixed costs of $30.00 and variable costs as indicated in ...
- microeconomics - The marketing division of a firm has measured demand for its ...
- Technical writing - Access the user manual for any one of the following programs...
- Math - how do you draw a table do you mean how do you make a table or insert a ...
- Economics Review Help! - This is for a test that I'm studying for in Economics. ...
- Computers- Microsoft Word - I have homework question. The question is: Analyze ...