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The Costs of Production, Financial Econometrics

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•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 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 2

Column 3

Column 4

Column 5

Column 6

Column 7

Column 8

Column 9

Column 10

Column 11


Output
Level

Price per unit

Total Fixed Cost

Total Variable Cost

Total Cost

Average Fixed Cost

Average Variable Cost

Average Total Cost

Marginal
Cost

Marginal Revenue

Total Revenue


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
















9





$ 975.00
















10





$ 1,163.00

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