Posted: March 26th, 2021

complete table-1 (joseph farms, inc., cost and revenue data),



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.

What is the MC=MR Rule? To what market structures does this Rule apply? Explain your answers.

Using Microsoft Excel, graph the data in Columns 9 and 10.

What is the profit maximizing (or loss minimizing) output for this firm? Is there an economic profit? Explain your answers.

Explain why a firm in pure competition is considered to be a “price taker.”

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.

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


Price per unit


Total Fixed Cost


Total Variable Cost


Total Cost


Average Fixed Cost


Average Variable Cost


Average Total Cost


Marginal


Marginal Revenue


Total Revenue




Level


Cost




0








$ –





NA













1








$ 113.00

























2








$ 213.00

























3








$ 300.00

























4








$ 375.00

























5








$ 463.00

























6








$ 563.00

























7








$ 675.00

























8








$ 813.00









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.

What is the MC=MR Rule? To what market structures does this Rule apply? Explain your answers.

Using Microsoft Excel, graph the data in Columns 9 and 10.

What is the profit maximizing (or loss minimizing) output for this firm? Is there an economic profit? Explain your answers.

Explain why a firm in pure competition is considered to be a “price taker.”

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.

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


Price per unit


Total Fixed Cost


Total Variable Cost


Total Cost


Average Fixed Cost


Average Variable Cost


Average Total Cost


Marginal


Marginal Revenue


Total Revenue




Level


Cost




0








$ –





NA













1








$ 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



5+4

















9








$ 975.00















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