Instructions: Enter your answers as a whole number. a. Fill in the marginal revenue (MR) and average revenue (AR) columns. Choco Lovers Cost and Revenue Quantity of Gift Boxes TC (S) MC ($) MR ($) AR ($) 15 155 9 180 20 197 8.50 240 25 242 9 30 292 10 35 352 12 40 422 14 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 $12 per gift box, how many boxes of chocolate should Choco Lovers produce? 20 gift boxes What will the profit or loss be per gift box? $ 3.5 per gift box c. Suppose that Choco Lovers raises the price to $14 per gift box. Now how many boxes should Choco Lovers produce? gift boxes What will the new profit or loss be per gift box?
Instructions: Enter your answers as a whole number. a. Fill in the marginal revenue (MR) and average revenue (AR) columns. Choco Lovers Cost and Revenue Quantity of Gift Boxes TC (S) MC ($) MR ($) AR ($) 15 155 9 180 20 197 8.50 240 25 242 9 30 292 10 35 352 12 40 422 14 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 $12 per gift box, how many boxes of chocolate should Choco Lovers produce? 20 gift boxes What will the profit or loss be per gift box? $ 3.5 per gift box c. Suppose that Choco Lovers raises the price to $14 per gift box. Now how many boxes should Choco Lovers produce? gift boxes What will the new profit or loss be per gift box?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Connect Problem CP 10-05 (algo)
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 $12 per box.
Instructions: Enter your answers as a whole number.
a. Fill in the marginal revenue (MR) and average revenue (AR) columns.
Choco Lovers Cost and Revenue
Quantity of Gift Boxes
TC (S)
MC (S)
MR ($)
AR ($)
15
155
9
180
20
197
8.50
240
25
242
9
30
292
10
35
352
12
40
422
14
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 $12 per gift box, how many boxes of chocolate should Choco Lovers produce?
20 gift boxes
What will the profit or loss be per gift box?
$
3.5 per gift box
c. Suppose that Choco Lovers raises the price to $14 per gift box. Now how many boxes should Choco Lovers produce?
gift boxes
What will the new profit or loss be per gift box?
GA
$
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