- Using MS Excel or a table in MS Word, complete Table-1 (Joseph Farms, Inc., Cost and Revenue Data).
- Assume that the price is $165.
- Assume the fixed costs are $125, at an output level of 1.
- Assume that the data represents a firm in pure competition.
- Show your calculations.
- Explain the MC=MR Rule. Describe the market structures to which this rule applies.
- Create a chart to illustrate the data in Columns 9 and 10.
- Describe the profit maximizing (or loss minimizing) output for this firm. Explain why or why not there is an economic profit?
- Explain why a firm in pure competition is considered to be a “price taker.”
(Assignment continues below Table-1.)
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 | $ 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 | ||||||||||
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