Assignment 2: Market Forms
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.
Average Fixed cost
Average Variable Cost
Average Total Cost
Complete Table-1. Summarize
Prepare a chart showing:
Average Fixed Costs
Average Variable Costs
Average Total Costs
Using the data in the table and
on your graph, explain the profit
maximizing, or loss minimizing level of output.
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.
Given the data in the table and
the graph, what type of market
structurecould this be in the short run?
Explain your answers.
If the data in Table-1
represents the long run, what type of firm must this data represent?
Explain your answers.
your MS Word document using the filename LastnameFirstInitial_M4A2 and submit it to the M4: Assignment
2 Dropbox by Wednesday,
November 5, 2014.
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.
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