The following questions address some of the price and output decisions faced by firms other than those found in perfect 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
Questions:
Complete Table 1. Summarize your calculations and use Microsoft Excel.
Using Excel, draw one graph showing average fixed costs, average variable costs, average total costs, marginal revenue, and marginal costs.
Using the data in the table and on your graph, what is the profit maximizing, or loss minimizing level of output? Explain and justify your answers.
What is a normal profit? What is an economic profit? Explain your answer using examples. 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, how could you determine or identify the optimal plant size?
What is the difference between explicit and implicit cost? Explain your answers.
How would we determine if a cost is a fixed cost or a variable cost?
Present your analysis in Microsoft Excel format. Enter non-numerical responses in the same worksheet using textboxes. If you want to learn how to use Microsoft Excel to create curves, refer to the Microsoft Excel tutorials.
Looking for a solution written from scratch with No plagiarism and No AI?
WHY CHOOSE US?
We deliver quality original papers
Our experts write quality original papers using academic databases.We dont use AI in our work. We refund your money if AI is detected
Free revisions
We offer our clients multiple free revisions just to ensure you get what you want.
Discounted prices
All our prices are discounted which makes it affordable to you. Use code FIRST15 to get your discount
100% originality
We deliver papers that are written from scratch to deliver 100% originality. Our papers are free from plagiarism and NO similarity.We have ZERO TOLERANCE TO USE OF AI
On-time delivery
We will deliver your paper on time even on short notice or short deadline, overnight essay or even an urgent essay
https://myprivateresearcher.com/wp-content/uploads/2021/02/MPR-ICON-300x56.png00adminhttps://myprivateresearcher.com/wp-content/uploads/2021/02/MPR-ICON-300x56.pngadmin2024-09-02 07:40:592024-09-02 07:40:59Summarize your calculations and use Microsoft Excel
