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 ATC MC of Gift Boxes ($) ($) ($) 60.00 12.00 2.00 10 67.50 6.75 15 5.17 2.00 20 92.50 3.00 25 117.50 4.70 5.00 30 152.50 5.08 7.00 Assume the profit-maximizing price is $3 per gift box, and then answer the following questions: a. Profit-maximizing quantity = gift boxes b. Total revenue = $ %3D c. Profit = $ d. Profit per unit = $ per gift box %3D

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 ATC MC of Gift Boxes ($) ($) ($) 60.00 12.00 2.00 10 67.50 6.75 15 5.17 2.00 20 92.50 3.00 25 117.50 4.70 5.00 30 152.50 5.08 7.00 Assume the profit-maximizing price is $3 per gift box, and then answer the following questions: a. Profit-maximizing quantity = gift boxes b. Total revenue = $ %3D c. Profit = $ d. Profit per unit = $ per gift box %3D

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Cost of Production

In economic theory, production costs are the costs incurred by an industrial organization when it engineers a project or provides a service that generates revenue and benefits. Labor costs, raw materials, consumable manufacturing costs, and general overhead sum up, accounting for production costs. Total cost data is calculated by combining total direct costs of materials, labor costs, and total production costs.

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
ATC
MC
of Gift Boxes
($)
($)
($)
60.00
12.00
2.00
10
67.50
6.75
15
5.17
2.00
20
92.50
3.00
25
117.50
4.70
5.00
30
152.50
5.08
7.00
Assume the profit-maximizing price is $3 per gift box, and then answer the
following questions:
a. Profit-maximizing quantity =
gift boxes
b. Total revenue = $
c. Profit = $
d. Profit per unit = $
per gift box

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