X AutoSave Off H v v Costs and Revenue in Perfect Competition Te. . Saved to this PC Search Grace Van Patten X File Home Insert Draw Page Layout Formulas Data Review View Automate Help Table Design Comments Share - 16 A A Conditional Formatting Insert v Calibri EV AY O $ v 9 Format as Table Ex Delete v V V Paste BIU E Sort & Find & Add-ins Analyze .00 Cell Styles v Format Filter Select v Data Clipboard Font Alignment Number Styles Cells Editing Add-ins D12 V X V fx B D E G H M N O Q Costs and Revenue in Perfect Competition Template Suppose that the following table represents the cost structure of an apple farmer. The current market price for apples is $18. Assusme that this firm is in a perfectly competitive market structure. 3 4 Review the "Formula Refresher" worksheet for forumlae and hints. Q1. Fill in the missing values in following table. Make sure to use the "formula" feature. 8 Quantity of apple Total Cost (TC) Fixed Cost (FC Variable Cost (VC Marginal Cost (MC Average Fixed Cost (AF( Average Variable Cost (AV( Average Total Cost (AT( |Marginal Revenue (M 0 $ 400.00 10 10 $ 500.00 11 20 $ 580.00 30 $ 700.00 13 40 $ 850.00 14 50 $ 1,030.00 15 50 $ 1,250.00 18 Q2. Use the Excel's chart feature to graph MC, AFC, AVC, and ATC. In addition, graph the MR curve. Remember that those costs and MR are on the Y-axis and quantity is on the X-axis. 20 $1.20 21 22 23 $1.00 Worksheet + Ready Accessibility: Good to go + 70% 48 . F X 11:58 AM Sunny Q Search 11/13/2023X AutoSave Off H v v Costs and Revenue in Perfect Competition Te. . Saved to this PC Search Grace Van Patten X File Home Insert Draw Page Layout Formulas Data Review View Automate Help Table Design Comments Share Conditional Formatting Insert v Calibri - 16 A A Ex AP O $ v 9 Format as Table Ex Delete v V V Paste BIU E Sort & Find & Add-ins Analyze .00 Cell Styles Format Filter ~ Select v Data Clipboard Font Alignment Number Styles Cells Editing Add-ins D12 v X V fx 3 D G H K M N O Q 18 Q2. Use the Excel's chart feature to graph MC, AFC, AVC, and ATC. In addition, graph the MR curve. Remember that those costs and MR are on the Y-axis and quantity is on the X-axis. 20 $1.20 21 22 $1.00 23 24 25 $0.80 26 27 28 $0.60 29 30 31 $0.40 Plot Area 32 33 34 $0.20 35 36 37 S- 0 10 20 30 40 50 60 70 38 . . . Worksheet Ready Accessibility: Good to go + 70% 48 OF 11:59 AM Q Search X Sunny 11/13/2023X X AutoSave Off H v v Costs and Revenue in Perfect Competition Te. . Saved to this PC Search Grace Van Patten File Insert Draw Page Layout Formulas Data Review View Automate Help Table Design Comments Share Home Conditional Formatting Insert v Calibri - 16 A A Ex AP O $ % 9 Format as Table Ex Delete v V V Sort & Find & Add-ins Analyze Paste BIU E .00 Cell Styles Format Filter ~ Select v Data Clipboard Font Alignment Number Styles Cells Editing Add-ins D12 v X V fx F G H K M N O Q B D 40 Q3. What is the profit-maximizing price and quantity for this firm? 41 Price (P*) 42 Quantity (Q*) 44 Q4. Calculate the profit (or loss) for this firm. 45 Profit/loss 46 47 48 49 50 51 52 53 55 56 57 58 59 60 61