Assignment: Market Forms
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
Address the following:
1. Complete Table-1. Summarize your calculations.
2. Prepare a graph showing:
o Average Fixed Costs
o Average Variable Costs
o Average Total Costs
o Marginal Revenue
o Marginal Costs
3. Using the data in the table and on your graph, explain the profit maximizing, or loss minimizing level of output.
4. 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 structurecould 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.
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also include a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also Include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.
Attachment:- Table-1.rar