Please help correct the incorrect answers The table below shows the total cost (TC) and marginal cost (MC) for Choco Lovers, a purely competitive firm producing differentquantities of chocolate gift boxes. The market price for a box of chocolates is $4 per box.Instructions: Enter your answers as a whole number.a. Fill in the marginal revenue (MR) and average revenue (AR) columns.Answer is complete and correct.Choco Lovers Cost and RevenueQuantityTCMCMRARof Gift($)($)($)($)Воxes5514410570.5044156214420724425924443012244 Instructions: For profit/loss, round your answers to two decimal places. If you are entering any negative numbers be sure to include anegative 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?25gift boxesWhat will the profit or loss be per gift box?per gift boxc. Suppose that Choco Lovers raises the price to $6 per gift box. Now how many boxes should Choco Lovers produce?30gift boxesWhat will the new profit or loss be per gift box?58%24

According to the data given, the solution is collected but we have to consider the per-unit profit.…

b. Given a price of $4 per gift box, how many boxes of chocolate should Choco Lovers produce? 25 O gift boxes What will the profit or loss be per gift box? 8. per gift box c. Suppose that Choco Lovers raises the price to $6 per gift box. Now how many boxes should Choco Lovers produce? 30 O gift boxes What will the new profit or loss be per gift box? 2$ 58 8

b. Given a price of $4 per gift box, how many boxes of chocolate should Choco Lovers produce? 25 O gift boxes What will the profit or loss be per gift box? 8. per gift box c. Suppose that Choco Lovers raises the price to $6 per gift box. Now how many boxes should Choco Lovers produce? 30 O gift boxes What will the new profit or loss be per gift box? 2$ 58 8

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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