Assignment 2: Market FormsFor 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 firmsÿthat areÿnotÿin pure competition. Some numbers may be rounded.Address the following:Complete Table-1. Summarize your calculations.Prepare aÿgraph showing:Average Fixed CostsAverage Variable CostsAverage Total CostsMarginal RevenueMarginal CostsÿUsing the data in the table and on your graph, explain theÿprofit maximizing, orÿloss minimizingÿlevel of output.Define aÿnormal profitÿand anÿeconomic profit. Are normal profits being earned in this example? Are economic profits present for this firm in this example?ÿ Explain your answers.Given the data in the table and the graph, what type ofÿmarket structureÿcould 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.Save your MS Word document using the filenameÿLastnameFirstInitial_M4A2ÿand submit it to theÿM4: Assignment 2 DropboxÿbyÿWednesday, May 10, 2017.Quotations, paraphrases, and ideas you get from books, articles, or other sources of information should be cited usingÿAPA style. Help with citing sources can be found through theÿAcademic Resourcesÿpage underÿCourse Home.

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