The table below shows the total cost (TC) and marginal cost (MC) for Choco Lovers, a perfectly competitive firm producing different quantities of chocolate gift boxes. The market price of a gift box is $10 per box.
Instructions: Enter your answers as whole numbers. For profit per gift box, round your answers to 2 decimal places.
a. Fill in the marginal revenue (MR) and average revenue (AR) columns.
b. Given a price of $10 per gift box, how many gift boxes should Choco Lovers produce?
gift boxes
What will be the profit per gift box?
$
c. Suppose that Choco Lovers raises the price of gift boxes to $12 per gift box. How many gift boxes should Choco Lovers produce now?
gift boxes
What will be the new profit per gift box?
$
Homework Answers
Answer
a)
the price is fixed at P=$10
so the marginal revenue and average revenue is same and equal to $10 at all level of output
| Q | MR | AR |
| 25 | 10 | 10 |
| 30 | 10 | 10 |
| 35 | 10 | 10 |
| 40 | 10 | 10 |
| 45 | 10 | 10 |
| 50 | 10 | 10 |
b)
the firm produces at P=MC where
Q=45 units and P=$10
c)
the firm produces P=MC
where
Q=50 units and P=$12
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