Complete Table-1 (Joseph Farms Inc. Cost and

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 $125 at an output level of 1. Also assume that the data represents a firm in pure competition. Show your calculations in summary form. What is the MC=MR Rule? To what market structures does this Rule apply? Explain your answers. Using Microsoft Excel graph the data in Columns 9 and 10. What is the profit maximizing (or loss minimizing) output for this firm? Is there an economic profit? Explain your answers. Explain why a firm in pure competition is considered to be a price taker. Using the data in Table-1 (Joseph Farms Inc. Cost and Revenue Data) complete Table-2 (Joseph Farms Inc. Revenue/Profit/Loss Data) either as a Microsoft Excel spreadsheet or as a Microsoft Word table. Show your calculations in summary form. Using the data in Table-2 (Joseph Farms Inc. Revenue/Profit/Loss Data) what is the break even output level for this firm? If this firm is in pure competition at what output level would they operate? Show your calculations in summary formTable-1: Joseph Farms Inc. Cost and Revenue DataColumn 1Column 2Column 3Column 4Column 5Column 6Column 7Column 8Column 9Column 10Column 11OutputPrice per unitTotal Fixed CostTotal Variable CostTotal CostAverage Fixed CostAverage Variable CostAverage Total CostMarginalMarginal RevenueTotal RevenueLevelCost0$ –NA1$ 113.002$ 213.003$ 300.004$ 375.005$ 463.006$ 563.007$ 675.008$ 813.00Complete 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 $125 at an output level of 1. Also assume that the data represents a firm in pure competition. Show your calculations in summary form. What is the MC=MR Rule? To what market structures does this Rule apply? Explain your answers. Using Microsoft Excel graph the data in Columns 9 and 10. What is the profit maximizing (or loss minimizing) output for this firm? Is there an economic profit? Explain your answers. Explain why a firm in pure competition is considered to be a price taker. Using the data in Table-1 (Joseph Farms Inc. Cost and Revenue Data) complete Table-2 (Joseph Farms Inc. Revenue/Profit/Loss Data) either as a Microsoft Excel spreadsheet or as a Microsoft Word table. Show your calculations in summary form. Using the data in Table-2 (Joseph Farms Inc. Revenue/Profit/Loss Data) what is the break even output level for this firm? If this firm is in pure competition at what output level would they operate? Show your calculations in summary formTable-1: Joseph Farms Inc. Cost and Revenue DataColumn 1Column 2Column 3Column 4Column 5Column 6Column 7Column 8Column 9Column 10Column 11OutputPrice per unitTotal Fixed CostTotal Variable CostTotal CostAverage Fixed CostAverage Variable CostAverage Total CostMarginalMarginal RevenueTotal RevenueLevelCost0$ –NA1$ 113.002$ 213.003$ 300.004$ 375.005$ 463.006$ 563.007$ 675.008$ 813.009$ 975.005+49$ 975.00This message has been truncated Show Full Message);

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