Reference no: EM13687362

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. The EXCEL is included with this assignment and the file is called Data for Assignment.


Table 1

Output


Average Fixed cost


Average Variable Cost


Average Total Cost


Marginal Cost


Price


Total Revenue


Marginal Revenue

0
$ 345.00
1

$ 180.00


$ 135.00


$ 315.00


$ 300.00

2


$ 90.00


$ 127.50


$ 217.50

$ 249.00

3


$ 60.00


$ 120.00


$ 180.00


$ 213.00


4


$ 45.00


$ 112.50


$ 157.50


$ 189.00


5


$ 36.00


$ 111.00


$ 147.00


$ 165.00

6


$ 30.00


$ 112.50


$ 142.50


$ 144.00


7


$ 25.71


$ 115.70


$ 141.41


$ 126.00

8


$ 22.50


$ 121.90


$ 144.40


$ 111.00

9


$ 20.00


$ 130.00


$ 150.00

$ 99.00
10


$ 18.00


$ 139.50


$ 157.50

$ 87.00
Address the following:

Complete Table-1. Summarize your calculations.
Prepare a graph showing:
Average Fixed Costs
Average Variable Costs
Average Total Costs
Marginal Revenue
Marginal Costs
Using the data in the table and on your graph, explain the profit maximizing, or loss minimizing level of output.
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? Explain your answers.
Given the data in the table and the graph, what type of market structurecould this be in the short run? Explain your answers.
If the data in Table-1 represents the long run, what type of firm must this data represent? Explain your answers.