economics

Joseph = Farms, Inc. is a small firm in the agricultural industry. They have as= ked you to help them complete the limited data they have gathered in an eff= ort to enable effective decision-making. Some work can be done using MS Exc= el but it must be copied to an MS Word file for the final submission o= f this assignment. To assist Joseph Farms, Inc., respond to the follow= ing:

• Using MS Excel or a= table in MS Word, complete Table-1 (Joseph Farms, Inc., Cost and Revenue D= ata).
  • 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 comp= etition.
  • Show your calculations = in summary form.
• Explain the MC=MR Rule.  Describe the marke= t structures to which this rule applies.
• Create a chart to illus= trate the data in Columns 9 and 10.
• Describe the profit maximizing (or loss minimizing= ) output for this firm.  Explain why or why not there an economic prof= it?
• Explain why a firm in pure competition is considered to be a “pri= ce taker.”

 (Assignment continues below Table-1.)
Table-1:  Joseph Farms, Inc., Cost and Revenue Data

• Using the data in Table-1 (Joseph Farms, = Inc., Cost and Revenue Data), complete Table-2 (Joseph Farms, Inc., Revenue= /Profit/Loss Data). Show your calculations in summary form.
• Using the completed dat= a in Table-2 (Joseph Farms, Inc., Revenue/Profit/Loss Data), Identify the b= reak even output level for this firm.
• If this firm is in pure competition, at what out= put level would they operate? Show your calculations in summary form.
  

Table-2: Joseph Farms, Inc., Revenue/= Profit/Loss Data

 <= /p>

Save your MS Word file including your graphs or ch= arts using the filename