Assignment 2: LASA 1: The Costs of ProductionJoseph Farms, Inc. is a small firm in the agricultural industry. They have asked you to help them complete the limited data they have gathered in an effort
(Assignment continues below Table-1.)
Table-1: Joseph Farms, Inc., Cost and Revenue Data
| Column 1 | Column 2 | Column 3 | Column 4 | Column 5 | Column 6 | Column 7 | Column 8 | Column 9 | Column 10 | Column 11 | |||||||
| Output | Price per unit | Total Fixed Cost | Total Variable Cost | Total Cost | Average Fixed Cost | Average Variable Cost | Average Total Cost | Marginal | Marginal Revenue | Total Revenue | |||||||
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| NA |
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| $ 113.00 |
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| $ 213.00 |
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| $ 300.00 |
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| $ 375.00 |
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| $ 463.00 |
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| $ 563.00 |
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| $ 675.00 |
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| $ 813.00 |
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| $ 975.00 |
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| 10 |
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| $ 1,163.00 |
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Using the data in Table-1 (Joseph Farms, Inc., Cost and Revenue Data), complete Table-2 (Joseph Farms, Inc., Revenue/Profit/Loss Data). Show your calculations in summary form.
Using the completed data in Table-2 (Joseph Farms, Inc., Revenue/Profit/Loss Data), Identify the break even output level for this firm.
Table-2: Joseph Farms, Inc., Revenue/Profit/Loss Data
| Output | Price | Total Revenue | Total Costs from Table 1 |
Profit or Loss |
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| 10 |
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