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Assignment 2: Market Forms

Study of different market structures and their economic impact.

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Assignment 2: Market FormsFor this assignment you will do a significant portion of work in MS Excel and import it into an MSWord document for submission. You will use the data below to address Price and Output decisionsfaced by firmsthat arenotin pure competition. Some numbers may be rounded.Table 1OutputAverageFixed costAverageVariableCostAverage TotalCostMarginalCostPriceTotalRevenueMarginalRevenue0$ 345.0001$180.00$ 135.00$315.00$315.00$ 300.00$300.00$300.002$90.00$ 127.50$217.50$120.00$ 249.00$498.00$198.003$60.00$ 120.00$180.00$105.00$ 213.00$639.00$141.004$45.00$ 112.50$157.50$90.00$ 189.00$756.00$117.005$36.00$ 111.00$147.00$105$ 165.00$825.00$69.006$30.00$ 112.50$142.50$120$ 144.00$864.00$39.007$25.71$ 115.70$141.41$134.87$ 126.00$882.00$18.008$22.50$ 121.90$144.40$165.33$ 111.00$888.00$6.009$20.00$ 130.00$150.00$194.8$99.00$891.00$3.0010$18.00$ 139.50$157.50$225$87.00$870.00-$21.00Address the following:1.Complete Table-1. Summarize your calculations.2.Prepare achart showing:◦Average Fixed Costs◦Average Variable Costs◦Average Total Costs◦Marginal Revenue◦Marginal Costs3.Using the data in the table and on your graph, explain theprofit maximizing, orloss minimizinglevel of output.4.Define anormal profitand aneconomic profit. Are normal profits being earned in thisexample? 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 ofmarket structurecould this be in theshort 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.Solution

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Economics

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