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 table.Instructions: Enter your answers rounded to two decimal places.Choco Lovers Cost and RevenueQuantityTCАТCMCof Gift Boxes($)($)($)25205.008.207.0030237.507.92357.797.0040312.508.0045362.508.0610.0050422.508.4512.00Assume the profit-maximizing price is $10 per gift box, and then answer the following questions:a. Profit-maximizing quantity =gift boxesb. Total revenue = $

To fill the blank in the Total cost column we will use the value of marginal cost corresponding to…

Answered: Choco Lovers Cost and Revenue Quantity…

Choco Lovers Cost and Revenue Quantity TC ATC MC of Gift Boxes ($) ($) ($) 25 205.00 8.20 7.00 30 237.50 7.92 35 7.79 7.00 40 312.50 8.00 45 362.50 8.06 10.00 50 422.50 8.45 12.00

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
TC
АТC
MC
of Gift Boxes
($)
($)
($)
25
205.00
8.20
7.00
30
237.50
7.92
35
7.79
7.00
40
312.50
8.00
45
362.50
8.06
10.00
50
422.50
8.45
12.00
Assume the profit-maximizing price is $10 per gift box, and then answer the following questions:
a. Profit-maximizing quantity =
gift boxes
b. Total revenue = $

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