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Assignment 2: LASA 1: The Costs of Production
Joseph Farms, Inc. is a small firm in the agricultural industry. They have asked you to help them complete the limited data they have gathered in an effort to enable effective decision-making. Some work can be done using MS Excel but it must be copied to an MS Word file for the final submission of this assignment. To assist Joseph Farms, Inc., respond to the following:
(Assignment continues below Table-1.)
Table-1: Joseph Farms, Inc., Cost and Revenue Data
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Column 1 |
Column 2 |
Column 3 |
Column 4 |
Column 5 |
Column 6 |
Column 7 |
Column 8 |
Column 9 |
Column 10 |
Column 11 |
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|
Output Level |
Price per unit |
Total Fixed Cost |
Total Variable Cost |
Total Cost |
Average Fixed Cost |
Average Variable Cost |
Average Total Cost |
Marginal Cost |
Marginal Revenue |
Total Revenue |
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0 |
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$ – |
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NA |
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|||
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1 |
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$ 113.00 |
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2 |
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$ 213.00 |
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3 |
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$ 300.00 |
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4 |
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$ 375.00 |
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5 |
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$ 463.00 |
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6 |
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$ 563.00 |
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7 |
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$ 675.00 |
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8 |
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$ 813.00 |
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9 |
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$ 975.00 |
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10 |
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$ 1,163.00 |
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Table-2: Joseph Farms, Inc., Revenue/Profit/Loss Data
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Output Level |
Price |
Total Revenue |
Total Costs from Table 1 |
Profit or Loss |
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0 |
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1 |
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2 |
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3 |
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4 |
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5 |
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6 |
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7 |
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8 |
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9 |
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10 |
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Save your MS Word file including your graphs or charts using the filename LastnameFirstInitial_M3A2 and submit it to the M3: Assignment 2 Dropbox by Wednesday, June 24, 2015.
Remember, 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 |
|
Accurately calculated cost data (total fixed, total, average fixed, average variable, average total, and marginal) and revenue data (marginal and total) for output level ranging from 1 to 10 in Table-1. Showed calculations in summary form. Correctly assumed data represented a firm in pure competition. (40 points) Completed Table-1 as Microsoft Excel spreadsheet or Word table. (8 points)
|
48 |
|
Explained the MC=MR Rule. (12 points) Identified market structures the MC=MR Rule applies to. (8 points) Explained why MC=MR Rule applies to these market structures. (12 points) |
32 |
|
Graphed all the data in column 9 of Table-1 (marginal cost) as curves in Microsoft Excel. (8 points) Graphed all the data in column 10 of Table-1 (marginal revenue) as curves in Microsoft Excel. (8 points)
|
16 |
|
Explained the profit maximizing (or loss minimizing) output for Joseph’s Farms, Inc. (14 points) Explained whether or not there is an economic profit for Joseph’s Farms, Inc. (14 points) |
28 |
| Explained why a firm in pure competition is considered to be a “price taker.” |
28 |
|
Accurately calculated price, total revenue, and profit or loss data for output level ranging from 0 to 10 in Table-2 using data from Table-1. Showed calculations. (10 points) Completed Table-2 as Microsoft Excel spreadsheet or Word table. (2 points) |
12 |
|
Accurately calculated the break-even output level (break-even point) for Joseph’s Farms, Inc. using data in Table-2. Showed calculations. |
16 |
|
Style (4 points): Tone, audience, and word choice. Usage and Mechanics (4 points): Grammar, spelling, and sentence structure. APA Elements (12 points): In text citations and references, paraphrasing, and appropriate use of quotations and other elements of style.
|
20 |
| Total: |
200
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