Market Forms

User Generated

wbuazr12no

Economics

Description

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.

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:

  1. Complete Table-1. Summarize your calculations.
  2. Prepare a graph showing:
    • Average Fixed Costs
    • Average Variable Costs
    • Average Total Costs
    • Marginal Revenue
    • Marginal Costs
  3. Using the data in the table and on your graph, explain the profit maximizing, or loss minimizing level of output.
  4. 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.
  5. Given the data in the table and the graph, what type of market structure could this be in the short run? Explain your answers.
  6. If the data in Table-1 represents the long run, what type of firm must this data represent? Explain your answers.

"Quotations, paraphrases, and ideas you get from books, articles, or other sources of information should be cited using APA style."

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Explanation & Answer

Hello, please check the answer. Ask for clarifications if you deem it necesary. Thanks.

1

Running Head: MARKET FORMS

ACCOUNTING
Student's name
Subject
Instructor's name

Date

2

MARKET FORMS
MARKET FORMS
Outpu

Average

Average

Average

Margina

t

Fixed Cost

Variable

Total Cost

l Cost

Price

Cost
0

Total

Marginal

Revenu

Revenue

e

$0.00

$0.00

$315.00

$354.0

0

0

$300.00

$300

$498.00

$198

$639.00

$141

$756.00

$117

$825.00

$69

$864.00

$39

$882.00

$18

$888.00

$6

$891.00

$3

0
1

$180.00

$135.00

$315.00

$315.00

$300.0
0

2

$90.00

$127.50

$217.50

($97.50)

$249.0
0

3

$60.00

$120.00

$180.00

($37.50)

$213.0
0

4

$45.00

$112.50

$157.50

($22.50)

$189.0
0

5

$36.00

$111.00

$147.00

($10.50)

$165.0
0

6

$30.00

$112.50

$142.50

($4.50)

$144.0
0

7

$25.71

$115.70

$141.41

($1.09)

$126.0
0

8

$22.50

$121.90

$144.40

$2.99

$111.0
0

9

$20.00

$130.00

$150.00

$5.60

$99.00

3

MARKET FORMS
10

$18.00

$139.50

$157.50

$7....


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