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 $3 per box. Instructions: Enter your answers as a whole number. a. Fill in the marginal revenue (MR) and average revenue (AR) columns. 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 $3 per gift box, how many boxes of chocolate should Choco Lovers produce? gift boxes What will the profit or loss be per gift box? $ per gift box c. Suppose that Choco Lovers raises the price to $5 per gift box. Now how many boxes should Choco Lovers produce? gift boxes What will the new profit or loss be per gift box?
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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
Instructions: Enter your answers as a whole number.
a. Fill in the marginal revenue (MR) and average revenue (AR) columns.
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 $3 per gift box, how many boxes of chocolate should Choco Lovers produce?
gift boxes
What will the profit or loss be per gift box?
$ per gift box
c. Suppose that Choco Lovers raises the price to $5 per gift box. Now how many boxes should Choco Lovers produce?
gift boxes
What will the new profit or loss be per gift box?
$
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