The table below shows cost and revenue information for Choco Lovers, a purely competitive firm producing different quantities ofchocolate gift boxes. Fill in the blanks in the tableInstructions: Enter your answers rounded to two decimal places.Choco Lovers Cost and RevenueQuantity of Gift BoxesTC (S)ATC (S)MC (S)15170.0011.3310.0020217 5010 882510.7010.0030322 5011.0035387 5011 0713.0040462 5011.5615.00Assume the profit-maximizing price is $11 per gift box, and then answer the following questions:a. Profit-maximizing quantity =|gift boxesb. Total revenue $c. Profit $d. Profit per unit = $per gift box

In economics, profit maximization is the short run or long run process by which a firm may determine…

Assume the profit-maximizing price is $11 per gift box, and then answer the following question a. Profit-maximizing quantity | gift boxes b. Total revenue = $ c. Profit $ d. Profit per unit = $ per gift box

Assume the profit-maximizing price is $11 per gift box, and then answer the following question a. Profit-maximizing quantity | gift boxes b. Total revenue = $ c. Profit $ d. Profit per unit = $ per gift box

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

The table below shows cost and revenue information for Choco Lovers, a purely competitive firm producing different quantities of
chocolate gift boxes. Fill in the blanks in the table
Instructions: Enter your answers rounded to two decimal places.
Choco Lovers Cost and Revenue
Quantity of Gift Boxes
TC (S)
ATC (S)
MC (S)
15
170.00
11.33
10.00
20
217 50
10 88
25
10.70
10.00
30
322 50
11.00
35
387 50
11 07
13.00
40
462 50
11.56
15.00
Assume the profit-maximizing price is $11 per gift box, and then answer the following questions:
a. Profit-maximizing quantity =
|gift boxes
b. Total revenue $
c. Profit $
d. Profit per unit = $
per gift box

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