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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
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 $6 per box. Instructions: Enter your answers as a whole number. a. Fill in the marginal revenue (MR) and average revenue (AR) columns. Choco Lovers Cost and Revenue Quantity of Gift Boxes TC ($) MC ($) MR ($) AR ($) 10 55 3 15 67 2.50 20 82 3 25 102 4 30 132 6 35 172 8 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 $6 per gift box, how many boxes of chocolate should Choco Lovers produce? gift boxesWhat will the profit or loss be per gift box? $ |:| per gift box (3. Suppose that Choco Lovers raises the price to $8 per gift box. Now how many boxes should lChoco Lovers produce? |:| gift boxes What will the new profit or loss be per gift box? $ 4
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