14 Aug Market Form
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:
- 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 structure could 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.
Save your MS Word document using the filename LastnameFirstInitial_M4A2 and submit it to the M4: Assignment 2 Dropbox by Wednesday, February 11, 2015.
Quotations, paraphrases, and ideas you get from books, articles, or other sources of information should be cited using APA style. Help with citing sources can be found through the Academic Resources page under Course Home.
| Assignment 2 Grading Criteria |
Maximum Points
|
| Correctly answered all parts of Question 1 and completed Table-1 |
20
|
| Correctly created a graph showing all required data from Question 2 |
12
|
| Correctly answered all parts of Question 3, with accurate and complete explanations |
12
|
| Correctly answered all parts of Question 4, with accurate and complete explanations |
12
|
| Correctly answered all parts of Question 5, with accurate and complete explanations |
12
|
| Correctly answered all parts of Question 6, with accurate and explanations |
12
|
| Wrote in a clear and concise manner following APA standards, and demonstrated ethical scholarship in accurate representation of sources |
20
|
| Total: |
100
|
Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Fill in all the assignment paper details that are required in the order form with the standard information being the page count, deadline, academic level and type of paper. It is advisable to have this information at hand so that you can quickly fill in the necessary information needed in the form for the essay writer to be immediately assigned to your writing project. Make payment for the custom essay order to enable us to assign a suitable writer to your order. Payments are made through Paypal on a secured billing page. Finally, sit back and relax.
About Wridemy
We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.
How It Works
To make an Order you only need to click on “Place Order” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Are there Discounts?
All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.