Using the data in the table and on your graph, explain the profit maximizing, or loss minimizing level of output.

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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:

  1. Complete Table-1. Summarize your calculations.
  2. Prepare a graph showing:
    • Average Fixed Costs
    • Average Variable Costs
    • Average Total Costs
    • Marginal Revenue
    • Marginal Costs
  3. Using the data in the table and on your graph, explain the profit maximizing, or loss minimizinglevel of output.
  4. 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.
  5. Given the data in the table and the graph, what type of market structure could 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.

Save your MS Word document using the filename LastnameFirstInitial_M4A2 and submit it to theM4: Assignment 2 Dropbox by Wednesday, July 19, 2017.

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

Assignment 1: LASA 2: Supply and Demand in a Global Market

Answer the following questions using examples and applications from the readings.  Justify your answers using economic concepts and ideas as they apply. Each response should be between 100-200 words.

Questions:

  1. The demand for labor is said to be a “derived” demand.  What is the meaning of a derived demand? How does this concept help to determine the demand for labor?
  2. What are some of the factors that determine the supply of labor in a market? What significant factors have changed the supply of labor over the last twenty years?
  3.  How does a firm determine its prices and the quantity of labor required in the resource market during a specific period?
  4.  Why do income inequalities exist?  How are income inequalities measured? How have income inequalities changed from 1980 to the present?
  5. What is the role of the U.S. government, in terms of dealing with the problem of income inequalities?  What are the arguments, for and against, government involvement in this area?
  6. Why do nations trade?  What is meant by the concept of “Comparative Advantage”?  Could a nation be better off economically, if it practiced an isolation policy?
  7. The United States has had a significant trade imbalance for several years.  What are the problems associated with having a negative trade balance?  What can be done to correct the imbalance?
  8. How are exchange rates determined?  What is the significance of currency devaluations to the home country?  To other countries?

Collate your answers in an MS Word document and save it using the filenameLastnameFirstInitial_M53A1. Submit it to the M5: Assignment 1 Dropbox by Monday, July 24, 2017.

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 theAcademic Resources page under Course Home.

Assignment 1 Grading Criteria
Maximum Points
Explained the meaning of a derived demand.  (8 points)

Explained how the concept of derived demand helps to determine the demand for labor. (24 points)

32
Identified factors that determine the supply of labor in a market.  (12 points)

Researched and explained which significant factors have changed the supply of labor over the last twenty years. (20 points)

32
Explained how a firm determines its prices in the resource market during a specific period. (16 points)

Explained how a firm determines the quantity of labor required in the resource market during a specific period. (16 points)

32
Explained why income inequalities exist. (8 points)

Explained how income inequalities are measured. (8 points)

Researched and described how income inequalities have changed from 1980 to the present.(16 points)

32
Explained the role of the U.S. government in terms of dealing with the problems of income inequalities. (8 points)

Discussed the arguments for and against government involvement in dealing with problems of income inequalities. (24 points)

32
Explained the reasons why nations trade. (4 points)

Explained the meaning of the concept of “comparative advantage.” (8 points)

Discussed whether or not a nation would be better off economically if it practiced an isolation policy. (20 points)

32
Identified the problems associated with the United States having a significant trade imbalance for several years. (16 points)

Explained what could be done to correct the trade imbalance. (16 points)

32
Explained how exchange rates are determined. (8 points)

Explained the significance of currency devaluations to the home country.

(12 points)

Explained the significance of currency devaluations to other countries trading with the home country. (12 points)

32
Standard presentation components (15%)

Style (8 points): Tone, audience, and word choice

Usage and Mechanics (16 points): Grammar, spelling, and sentence structure

APA Elements (20 points): In text citations and references, paraphrasing, and appropriate use of quotations and other elements of style

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