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b. Given a price of $4 per gift box, how many boxes of chocolate should Choco Lovers produce? 25 O gift boxes What will the profit or loss be per gift box? 8. per gift box c. Suppose that Choco Lovers raises the price to $6 per gift box. Now how many boxes should Choco Lovers produce? 30 O gift boxes What will the new profit or loss be per gift box? 2$ 58 8

b. Given a price of $4 per gift box, how many boxes of chocolate should Choco Lovers produce? 25 O gift boxes What will the profit or loss be per gift box? 8. per gift box c. Suppose that Choco Lovers raises the price to $6 per gift box. Now how many boxes should Choco Lovers produce? 30 O gift boxes What will the new profit or loss be per gift box? 2$ 58 8

Principles of Economics, 7th Edition (MindTap Course List)
Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN:9781285165875
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter14: Firms In Competitive Markets
Section: Chapter Questions
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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 price for a box of chocolates is $4 per box. Instructions: Enter your answers as a whole number. a. Fill in the marginal revenue (MR) and average revenue (AR) columns. Answer is complete and correct. Choco Lovers Cost and Revenue Quantity TC MC MR AR of Gift ($) ($) ($) ($) Воxes 55 1 4 4 10 57 0.50 4 4 15 62 1 4 4 20 72 4 4 25 92 4 4 4 30 122 4 4
Transcribed Image Text: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 $4 per box. Instructions: Enter your answers as a whole number. a. Fill in the marginal revenue (MR) and average revenue (AR) columns. Answer is complete and correct. Choco Lovers Cost and Revenue Quantity TC MC MR AR of Gift ($) ($) ($) ($) Воxes 55 1 4 4 10 57 0.50 4 4 15 62 1 4 4 20 72 4 4 25 92 4 4 4 30 122 4 4
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 $4 per gift box, how many boxes of chocolate should Choco Lovers produce? 25 gift boxes What will the profit or loss be per gift box? per gift box c. Suppose that Choco Lovers raises the price to $6 per gift box. Now how many boxes should Choco Lovers produce? 30 gift boxes What will the new profit or loss be per gift box? 58 %24
Transcribed Image Text: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 $4 per gift box, how many boxes of chocolate should Choco Lovers produce? 25 gift boxes What will the profit or loss be per gift box? per gift box c. Suppose that Choco Lovers raises the price to $6 per gift box. Now how many boxes should Choco Lovers produce? 30 gift boxes What will the new profit or loss be per gift box? 58 %24
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