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?
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter8: Perfect Competition
Section: Chapter Questions
Problem 39P: The AAA Aquarium Co. sells aquariums for 20 each. Fixed costs of production are 20. The total...
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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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