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? Ex.

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.
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.

2. 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

3. Column 1
Column 2
Column 3
Column 4
Column 5
Column 6

4. Column 7
Column 8
Column 9
Column 10
Column 11

5. Output
Price per unit
Total Fixed Cost
Total Variable Cost
Total Cost
Average Fixed Cost

6. Average Variable Cost
Average Total Cost
Marginal
Marginal Revenue
Total Revenue
Level

7. Cost
0
$ -

8. NA

9. 1
$ 113.00

10. 2

11. $ 213.00

12. 3

13. $ 300.00

14. 4

15. $ 375.00

16. 5

17. $ 463.00

18. 6

19. $ 563.00

20. 7

21. $ 675.00

22. 8

23. $ 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.

24. 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

25. Table-1: Joseph Farms, Inc., Cost and Revenue Data
Column 1
Column 2

26. Column 3
Column 4
Column 5
Column 6
Column 7
Column 8

27. Column 9
Column 10
Column 11
Output
Price per unit

28. Total Fixed Cost
Total Variable Cost
Total Cost
Average Fixed Cost
Average Variable Cost
Average Total Cost

29. Marginal
Marginal Revenue
Total Revenue
Level
Cost

30. 0
$ -
NA

31. 1

32. $ 113.00

33. 2

34. $ 213.00

35. 3

36. $ 300.00

37. 4

38. $ 375.00

39. 5
$ 463.00

41. 6
$ 563.00

43. 7
$ 675.00

45. 8
$ 813.00

47. 9
$ 975.00
5+4

48. 9

49. $ 975.00

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