The table below shows the total cost (TC) and marginal cost (MC) for Choco Lovers, a monopolistic firm producing different quantities of chocolate gift boxes. Fill in the blanks in the table. | Quantity | Price | Total Revenue | Total Cost | Marginal Cost | Marginal Revenue | |----------|-------|---------------|------------|---------------|------------------| | 0 | $20 | $0 | $30 | - | - | | 25 | 19 | 475 | 230 | $8 | - | | 30 | 18 | 540 | 267.5 | 7.5 | 13 | | 35 | 17 | 595 | 307.5 | 8 | 11 | | 40 | 16 | 640 | 352.5 | 9 | 9 | | 45 | 15 | 675 | 407.5 | 11 | - | | 50 | 14 | 700 | 472.5 | 13 | 5 | **Instructions:** Enter your answers as whole numbers. For profit, round your answer to 2 decimal places. - Profit-maximizing quantity = - Profit-maximizing price = - Profit = This educational table helps analyze how producing different quantities impacts costs and revenues for a monopolistic firm. Understanding marginal cost and marginal revenue is key to finding profit-maximizing conditions.
The table below shows the total cost (TC) and marginal cost (MC) for Choco Lovers, a monopolistic firm producing different quantities of chocolate gift boxes. Fill in the blanks in the table. | Quantity | Price | Total Revenue | Total Cost | Marginal Cost | Marginal Revenue | |----------|-------|---------------|------------|---------------|------------------| | 0 | $20 | $0 | $30 | - | - | | 25 | 19 | 475 | 230 | $8 | - | | 30 | 18 | 540 | 267.5 | 7.5 | 13 | | 35 | 17 | 595 | 307.5 | 8 | 11 | | 40 | 16 | 640 | 352.5 | 9 | 9 | | 45 | 15 | 675 | 407.5 | 11 | - | | 50 | 14 | 700 | 472.5 | 13 | 5 | **Instructions:** Enter your answers as whole numbers. For profit, round your answer to 2 decimal places. - Profit-maximizing quantity = - Profit-maximizing price = - Profit = This educational table helps analyze how producing different quantities impacts costs and revenues for a monopolistic firm. Understanding marginal cost and marginal revenue is key to finding profit-maximizing conditions.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:The table below shows the total cost (TC) and marginal cost (MC) for Choco Lovers, a monopolistic firm producing different quantities of chocolate gift boxes. Fill in the blanks in the table.
| Quantity | Price | Total Revenue | Total Cost | Marginal Cost | Marginal Revenue |
|----------|-------|---------------|------------|---------------|------------------|
| 0 | $20 | $0 | $30 | - | - |
| 25 | 19 | 475 | 230 | $8 | - |
| 30 | 18 | 540 | 267.5 | 7.5 | 13 |
| 35 | 17 | 595 | 307.5 | 8 | 11 |
| 40 | 16 | 640 | 352.5 | 9 | 9 |
| 45 | 15 | 675 | 407.5 | 11 | - |
| 50 | 14 | 700 | 472.5 | 13 | 5 |
**Instructions:** Enter your answers as whole numbers. For profit, round your answer to 2 decimal places.
- Profit-maximizing quantity =
- Profit-maximizing price =
- Profit =
This educational table helps analyze how producing different quantities impacts costs and revenues for a monopolistic firm. Understanding marginal cost and marginal revenue is key to finding profit-maximizing conditions.
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