Using MS Excel or a table in MS Word, complete Table-1 (Joseph Farms, Inc., Cost and Revenue Data).

Question

Assume that the price is $165.
Assume the fixed costs are $125, at an output level of 1.
Assume that the data represents a firm in pure competition.
Show your calculations.
Explain the MC=MR Rule. Describe the market structures to which this rule applies.
Create a chart to illustrate the data in Columns 9 and 10.
Describe the profit maximizing (or loss minimizing) output for this firm. Explain why or why not there an accounting profit?
Explain why a firm in pure competition is considered to be a “price taker.”