The table below shows the total cost (TC) and marginal cost (MC) for Choco Lovers, a purely competitive firm producing differ quantities of chocolate gift boxes. The market price for a box of chocolates is $4 per box. Instructions: Enter your answers as a whole number. a. Fill in the marginal revenue (MR) and average revenue (AR) columns. Choco Lovers Cost and Revenue Quantity TC MC MR AR of Gift Boxes ($) ($) ($) ($) 55 1 10 57 0.50 15 62 1 20 72 2 25 92 4 30 122

Survey Of Economics
10th Edition
ISBN:9781337111522
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter7: Perefect Competition
Section: Chapter Questions
Problem 1SQP
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Instructions: For profit/loss, round your answers to two decimal places. If you are entering any negative numbers be sure to include a
negative sign (-) in front of those numbers. A loss should be entered as a negative number.
b. Given a price of $4 per gift box, how many boxes of chocolate should Choco Lovers produce?
gift boxes
What will the profit or loss be per gift box?
per gift box
c. Suppose that Choco Lovers raises the price to $6 per gift box. Now how many boxes should Choco Lovers produce?
gift boxes
What will the new profit or loss be per gift box?
%24
%24
Transcribed Image Text:Instructions: For profit/loss, round your answers to two decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. A loss should be entered as a negative number. b. Given a price of $4 per gift box, how many boxes of chocolate should Choco Lovers produce? gift boxes What will the profit or loss be per gift box? per gift box c. Suppose that Choco Lovers raises the price to $6 per gift box. Now how many boxes should Choco Lovers produce? gift boxes What will the new profit or loss be per gift box? %24 %24
The table below shows the total cost (TC) and marginal cost (MC) for Choco Lovers, a purely competitive firm producing differe
quantities of chocolate gift boxes. The market price for a box of chocolates is $4 per box.
Instructions: Enter your answers as a whole number.
a. Fill in the marginal revenue (MR) and average revenue (AR) columns.
Choco Lovers Cost and Revenue
Quantity
TC
MC
MR
AR
of Gift Boxes
($)
($)
($)
($)
55
1
10
57
0.50
15
62
1
20
72
25
92
4
30
122
6.
Transcribed Image Text:The table below shows the total cost (TC) and marginal cost (MC) for Choco Lovers, a purely competitive firm producing differe quantities of chocolate gift boxes. The market price for a box of chocolates is $4 per box. Instructions: Enter your answers as a whole number. a. Fill in the marginal revenue (MR) and average revenue (AR) columns. Choco Lovers Cost and Revenue Quantity TC MC MR AR of Gift Boxes ($) ($) ($) ($) 55 1 10 57 0.50 15 62 1 20 72 25 92 4 30 122 6.
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