Expert answer:Josephs Farms

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Joseph Farms, Inc. is a small firm in the agricultural industry. They
have asked you to help them complete the limited data they have
gathered in an effort to enable effective decision-making. Some work
can be done using MS Excel but it must be copied to an MS Word
file for the final submission of this assignment. To assist Joseph Farms,
Inc., respond to the following:
o 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.
o Explain the MC=MR Rule. Describe the market structures to
which this rule applies.
o Create a chart to illustrate the data in Columns 9 and 10.
o Describe the profit maximizing (or loss minimizing) output for
this firm. Explain why or why not there is an economic profit?
o 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
Colum Colum Colum Column 4
n1
n2
n3
Output Price Total Total
Level per
Fixed Variable
unit Cost Cost
0
$
1
2
3
4
5
6
7
8
$
$
$
$
$
$
$
$
Colum Colum Colum Colum Column Column Colum
n5
n6
n7
n8
9
10
n 11
Total Averag Averag Averag Margin Margin Total
Cost e Fixed e
e Total al
al
Revenu
Cost Variabl Cost Cost
Revenu e
e Cost
e
NA
113.00
213.00
300.00
375.00
463.00
563.00
675.00
813.00
9
10
o
o
$ 975.00
$ 1,163.00
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 data in Table-2 (Joseph Farms, Inc.,
Revenue/Profit/Loss Data), Identify the break even output level
for this firm.
Table-2: Joseph Farms, Inc., Revenue/Profit/Loss Data
Output
Level
Price
Total
Revenue
Total Costs
from Table Profit or
1
Loss
0
1
2
3
4
5
6
7
8
9
10
Save your MS Word file including your graphs or charts using the
filename LastnameFirstInitial_M3A2 and submit it to the
Submissions Area by the due date assigned.
…
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