Refer to the Information Provided in Table 8 -Refer to Table 8

question 105

Multiple Choice

Refer to the information provided in Table 8.7 below to answer the following question(s) .
Table 8.7 $$\begin{array} { c c l r r } \begin{array} { c } \hline\text { Number of } \\\text { cruit Baskets }\end{array} & \text { TFC } & \text { TVC } & \text { TC } & \text { MC } \\\hline 0 & \$ 50 & \$ 0 & \$ 50 & - - \\1 & 50 & 10 & 60 & 10 \\2 & 50 & 15 & 65 & 5 \\3 & 50 & 21 & 71 & 6 \\4 & 50 & 31 & 81 & 10 \\5 & 50 & 46 & 96 & 15 \\6 & 50 & 68 & 118 & 22\\\hline \end{array}$$
-Refer to Table 8.7. Assume that fruit baskets are sold in a perfectly competitive market. The market price of a fruit basket is $22. To maximize profits, Exotic Fruit should sell ________ fruit baskets and their profit is ________.

• A) three; $5
• B) four; $7
• C) five; $14
• D) six; $14

---

Definitions:

Quantum Meruit

A legal principle where a person can recover the reasonable value of services provided, but not contracted for.

Providing Services

The act of performing work or duties for a client or customer, usually in exchange for payment.

Basic Precepts

Fundamental principles or beliefs that serve as the foundation for a system, theory, or organization.

Contract Law

The body of law governing the formation, execution, and enforcement of contracts between parties.