- 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|
|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|
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