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# Assignment 2: LASA 1: The Costs of Production Joseph Farms, Inc. is a small firm in the agricultural industry. They have asked you to...

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Assignment 2: LASA 1: The Costs of Production Joseph Farms, Inc. is a small firm in the agricultural industry. They have asked you to decision-making. Some work can be done using MS Excel but it must be copied to an respond to the following: Using MS Excel or a table in MS Word, complete Table-1 (Joseph Farms, Inc., Cost a 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 in summary form. 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 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 Rev Column 1 Column 2 Column 3 Colum n 4 Column 5 Column 6 Column 7 Column 8 Output Level Price per unit Total Fixed Cost Total Variabl e Cost Total Cost Average Fixed Cost Average Variable Cost Average Total Cost 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 Using the data in Table-1 (Joseph Farms, Inc., Cost and Revenue Data), complete Ta form. Using the completed data in Table-2 (Joseph Farms, Inc., Revenue/Profit/Loss Data) If this firm is in pure competition, at what output level would they operate? Show your Table-2: Joseph Farms, Inc., Revenue/Profit/Loss Data Table-2: Joseph Farms, Inc., Revenue/Profit/Loss Data Output Level Price Total Revenue Profit or Loss 0 1
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The completed table 1 is given below:
Colum
n1 Column
2 Column
3 Column 4 Column 5 Column
6 Column
7 Column
8 Column
9 Column
10 Output
Level Price
per unit Total
Fixed
Cost Total
Variable
Cost...

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