For this assignment you will do a significant portion of work in MS Excel and import it into an MS Word document for submission. You will use the data below to address Price and Output decisions faced by firms that are not in pure competition. Some numbers may be rounded.\t\u00a0\tTable 1\u00a0 \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\tOutput Average Fixed cost \ufffd\u00a0\u00a0\u00a0\u00a0 Average Variable Cost\u00a0\u00a0 Average Total Cost \ufffd\u00a0\u00a0\u00a0\u00a0 Marginal Cost \u00a0\u00a0 \u00a0Price \u00a0\u00a0\u00a0 Total Revenue \u00a0 \u00a0Marginal Revenue\t0 \ufffd \ufffd\u00a0\u00a0\u00a0 \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0$ 345.00 \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \u00a0\t1 \ufffd \ufffd\u00a0\u00a0\u00a0 $\u00a0\u00a0 180.00 \ufffd \ufffd\u00a0\u00a0 $ 135.00 \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 $\u00a0\u00a0\u00a0 315.00 \ufffd \ufffd\u00a0 \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \u00a0$ 300.00 \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \u00a0\t2 \ufffd \ufffd\u00a0\u00a0\u00a0 $\u00a0\u00a0\u00a0\u00a0 90.00 \ufffd \ufffd\u00a0\u00a0 $ 127.50 \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 $\u00a0\u00a0\u00a0 217.50 \ufffd \ufffd\u00a0 \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \u00a0$ 249.00 \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \u00a0\t3 \ufffd \ufffd\u00a0\u00a0\u00a0 $\u00a0\u00a0\u00a0\u00a0 60.00 \ufffd \ufffd\u00a0\u00a0 $ 120.00 \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 $\u00a0\u00a0\u00a0 180.00 \ufffd \ufffd\u00a0 \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \u00a0$ 213.00 \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \u00a0\t4 \ufffd \ufffd\u00a0\u00a0\u00a0 $\u00a0\u00a0\u00a0\u00a0 45.00 \ufffd \ufffd\u00a0\u00a0 $ 112.50 \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 $\u00a0\u00a0\u00a0 157.50 \ufffd \ufffd\u00a0 \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \u00a0$ 189.00 \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \u00a0\t5 \ufffd \ufffd\u00a0\u00a0\u00a0 $\u00a0\u00a0\u00a0\u00a0 36.00 \ufffd \ufffd\u00a0\u00a0 $ 111.00 \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 $\u00a0\u00a0\u00a0 147.00 \ufffd \ufffd\u00a0 \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \u00a0$ 165.00 \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \u00a0\t6 \ufffd \ufffd\u00a0\u00a0\u00a0 $\u00a0\u00a0\u00a0\u00a0 30.00 \ufffd \ufffd\u00a0\u00a0 $ 112.50 \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 $\u00a0\u00a0\u00a0 142.50 \ufffd \ufffd\u00a0 \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \u00a0$ 144.00 \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \u00a0\t7 \ufffd \ufffd\u00a0\u00a0\u00a0 $\u00a0\u00a0\u00a0\u00a0 25.71 \ufffd \ufffd\u00a0\u00a0 $ 115.70 \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 $\u00a0\u00a0\u00a0 141.41 \ufffd \ufffd\u00a0 \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \u00a0$ 126.00 \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \u00a0\t8 \ufffd \ufffd\u00a0\u00a0\u00a0 $\u00a0\u00a0\u00a0\u00a0 22.50 \ufffd \ufffd\u00a0\u00a0 $ 121.90 \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 $\u00a0\u00a0\u00a0 144.40 \ufffd \ufffd\u00a0 \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \u00a0$ 111.00 \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \u00a0\t9 \ufffd \ufffd\u00a0\u00a0\u00a0 $\u00a0\u00a0\u00a0\u00a0 20.00 \ufffd \ufffd\u00a0\u00a0 $ 130.00 \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 $\u00a0\u00a0\u00a0 150.00 \ufffd \ufffd\u00a0 \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \u00a0$\u00a0\u00a0 99.00 \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \u00a0\t10 \ufffd \ufffd $\u00a0\u00a0\u00a0\u00a0 18.00 \ufffd \ufffd\u00a0\u00a0 $ 139.50 \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 $\u00a0\u00a0\u00a0 157.50 \ufffd \ufffd\u00a0 \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \u00a0$\u00a0\u00a0 87.00 \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \u00a0\tAddress the following:\t1. \ufffd \ufffd\u00a0 Complete Table-1. Summarize your calculations.\t2. \ufffd \ufffd\u00a0 Prepare a graph showing:\to \ufffd \ufffd\u00a0\u00a0 Average Fixed Costs\to \ufffd \ufffd\u00a0\u00a0 Average Variable Costs\to \ufffd \ufffd\u00a0\u00a0 Average Total Costs\to \ufffd \ufffd\u00a0\u00a0 Marginal Revenue\to \ufffd \ufffd\u00a0\u00a0 Marginal Costs\t3. \ufffd \ufffd\u00a0 Using the data in the table and on your graph, explain the profit maximizing, or loss minimizing level of output.\t4. \ufffd \ufffd\u00a0 Define a normal profit and an economic profit. Are normal profits being earned in this example? Are economic profits present for this firm in this example?\u00a0 Explain your answers.\t5. \ufffd \ufffd\u00a0 Given the data in the table and the graph, what type of market structure could this be in the short run? Explain your answers.\t6. \ufffd \ufffd\u00a0 If the data in Table-1 represents the long run, what type of firm must this data represent? Explain your answers.<\/p>\n","protected":false},"excerpt":{"rendered":"
For this assignment you will do a significant portion of work in MS Excel and import it into an MS Word document for submission. You will use the data below to address Price and Output decisions faced by firms that Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-210567","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/210567","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=210567"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/210567\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=210567"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=210567"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=210567"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}