Assignment 2: Market FormsForthis assignment you will do a significant portion of work in MS Excel andimport it into an MS Word document for submission. You will use the data belowto address Price and Output decisions faced by firms that are not in pure competition. Some numbers may be rounded.Table 1OutputAverage Fixed costAverage Variable CostAverage Total CostMarginal Cost PriceTotal Revenue Marginal Revenue0 $ 345.001 $ 180.00 $ 135.00 $ 315.00 $ 300.002 $ 90.00 $ 127.50 $ 217.50 $ 249.003 $ 60.00 $ 120.00 $ 180.00 $ 213.004 $ 45.00 $ 112.50 $ 157.50 $ 189.005 $ 36.00 $ 111.00 $ 147.00 $ 165.006 $ 30.00 $ 112.50 $ 142.50 $ 144.007 $ 25.71 $ 115.70 $ 141.41 $ 126.008 $ 22.50 $ 121.90 $ 144.40 $ 111.009 $ 20.00 $ 130.00 $ 150.00 $ 99.0010 $ 18.00 $ 139.50 $ 157.50 $ 87.00Addressthe following:Complete Table-1. Summarizeyour calculations.Prepare a chart showing:Average Fixed CostsAverage Variable CostsAverage Total CostsMarginal RevenueMarginal Costs Using the data in the table andon your graph, explain the profitmaximizing, or loss minimizing level of output.Define a normal profit and an economicprofit. Are normal profits beingearned in this example? Are economic profits present for this firm in thisexample? Explain your answers.Given the data in the table andthe graph, what type of marketstructurecould this be in the short run?Explain your answers.If the data in Table-1represents the long run, what type of firm must this data represent?Explain your answers.Saveyour MS Word document using the filename LastnameFirstInitial_M4A2 and submit it to the M4: Assignment2 Dropbox by Wednesday,November 5, 2014.Quotations, paraphrases, and ideas you get from books, articles, or othersources of information should be cited using APA style. Help with citing sources canbe found through the Academic Resources page under Course Home.
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