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\nVisit Below Link, To Download This Course:\n\nhttps://www.tutorialsservice.net/product/eco-202-m3-assignment-2-lasa-1-the-costs-of-production/\n\nOr \nEmail us on\nSUPPORT@TUTORIALSSERVICE.NET\n\nECO 202 M3 Assignment 2 LASA 1 The Costs of Production\nECO202\nECO 202 M3 Assignment 2 LASA 1 The Costs of Production\nJoseph 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:\nUsing MS Excel or a table in MS Word, complete Table-1 (Joseph Farms, Inc., Cost and Revenue Data).\n

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eco 202 m3 assignment 2 lasa 1 the costs

ECO 202 M3 ASSIGNMENT 2 LASA 1 THE COSTS OF

PRODUCTION

Visit Below Link, To Download This Course:

https://www.tutorialsservice.net/product/eco-202-m3-assignment-2-lasa-1-the-costs-of-production/

Or

Email us on

SUPPORT@TUTORIALSSERVICE.NET

ECO 202 M3 Assignment 2 LASA 1 The Costs of Production

ECO202

ECO 202 M3 Assignment 2 LASA 1 The Costs of Production

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:

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 theMC=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 an accounting 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

Column

1

Column

5

Column

9

Column 2 Column 3

Column 4

Column 6

Column 7

Column 8

Column 10

Column 11

output

Output

Marginal

Price per

unit

Total Fixed

Cost

Total Variable

Cost

Total

Cost

Average Fixed

Cost

Average

Variable Cost

Average Total

Cost

Marginal

Revenue

Total

Revenue

Level

Cost

0

1

2

3

4

5

6

7

8

9

10

$ –

$ 113.00

$ 213.00

$ 300.00

$ 375.00

$ 463.00

$ 563.00

$ 675.00

$ 813.00

$ 975.00

$ 1,163.00

NA

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

Price

Total Revenue

Total Costs from Table 1

Profit or Loss

Level

0

1

2

3

4

5

6

7

8

9

10