# Cost of production

User Generated

Mlnven_zbz

## Description

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.

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it is done, please check the attached file, let me know if you have any questions, thank you

Table 1: Cost and Revenue Data of Joseph Farms, Inc.

Column1 Column2 Column3 Column4
Output
Price per Total
Total Variable
Level
unit
Fixed
Cost
Cost
0
\$165
\$125 \$
NA
1
\$165
\$125 \$ 113.00
2
\$165
\$125 \$ 213.00
3
\$165
\$125 \$ 300.00
4
\$165
\$125 \$ 375.00
5
\$165
\$125 \$ 463.00
6
\$165
\$125 \$ 563.00
7
\$165
\$125 \$ 675.00
8
\$165
\$125 \$ 813.00
9
\$165
\$125 \$ 975.00
10
\$165
\$125 \$ 1,163.00

Column5
Total Cost

\$238.00
\$338.00
\$425.00
\$500.00
\$588.00
\$688.00
\$800.00
\$938.00
\$1,100.00
\$1,288.00

Column6
Average
Fixed
Cost
\$125.00
\$62.50
\$41.62
\$31.25
\$25.00
\$20.83
\$17.88
\$15.63
\$13.89
\$12.50

Column7
Average
Variable
Cost
\$113.00
\$106.50
\$100.00
\$93.75
\$92.60
\$93.83
\$96.43
\$101.63
\$108.33
\$116.30

Calculation Summary.
Total cost: sum of Total Fixed Cost and Total Variable cost.
Total cost = Total fixed cost+ Total variable cost.

Average Fixed Cost: Divide the Total Fixed cost by the output level.
Averaged fixed cost = Total fixed cost/output level

Column8 Column9 Column10
Average
Marginal Marginal
Total
Cost
Revenue
Cost
\$238.00
\$113.00
\$165
\$169.00
\$100.00
\$165
\$141.67
\$87.00
\$165
\$125.00
\$75.00
\$165
\$117.60
\$88.00
\$165
\$114.67
\$100.00
\$165
\$114.29
\$112.00
\$165
\$117.25
\$138.00
\$165
\$122.22
\$162.00
\$165
\$128.80
\$188.00
\$165

Column11
Total
Revenue
\$165.00
\$330.00
\$495.00
\$660.00
\$825.00
\$990.00
\$1,155.00
\$1,320.00
\$1,485.00
\$1,650.00

Average Variable Cost: divide t...

### Review

Anonymous
Really useful study material!

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