The table below shows the total cost (TC) and marginal cost (MC) for Choco Lovers, a purely competitive firm producing different quantities of chocolate gift boxes. The market price for a box of chocolates is $5 per box.**Instructions**: Enter your answers as a whole number.a. Fill in the marginal revenue (MR) and average revenue (AR) columns.| Quantity of Gift Boxes | TC ($) | MC ($) | MR ($) | AR ($) ||------------------------|--------|--------|--------|--------|| 10 | 65 | 4 | | || 15 | 82 | 3.50 | | || 20 | 102 | 4 | | || 25 | 127 | 5 | | || 30 | 162 | 7 | | || 35 | 207 | 9 | | |**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 $5 per gift box, how many boxes of chocolate should Choco Lovers produce?[ ] gift boxesWhat will the profit or loss be per gift box?$[ ] per gift boxc. Suppose that Choco Lovers raises the price to $7 per gift box. Now how many boxes should Choco Lovers produce?[ ] gift boxesWhat will the new profit or loss be per gift box?$[ ] per gift box

e table below shows the total cost (TC) and marginal cost (MC) for Choco Lovers, a purely competitive firm producing different antities of chocolate gift boxes. The market price for a box of chocolates is $5 per box. tructions: Enter your answers as a whole number. Fill in the marginal revenue (MR) and average revenue (AR) columns. Choco Lovers Cost and Revenue Quantity TC MC MR AR of Gift Boxes ($) ($) ($) ($) 10 65 15 82 3.50 20 102 4 25 127 5 30 162 7 35 207

e table below shows the total cost (TC) and marginal cost (MC) for Choco Lovers, a purely competitive firm producing different antities of chocolate gift boxes. The market price for a box of chocolates is $5 per box. tructions: Enter your answers as a whole number. Fill in the marginal revenue (MR) and average revenue (AR) columns. Choco Lovers Cost and Revenue Quantity TC MC MR AR of Gift Boxes ($) ($) ($) ($) 10 65 15 82 3.50 20 102 4 25 127 5 30 162 7 35 207

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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