Question in the description

• 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