Hack’s Berries faces a short-run total cost of production given by TC = Q3 – 12 Q2 + 100Q + 1,000.
a. What is the level of Hack’s fixed cost?
b. What is Hack’s short-run average variable cost of producing berries? (Express AVC as a function of Q.)
c. If the price of berries is $60, how many berries should Hack produce? How do you know?
d. If the price of berries is $73, should Hack be producing berries? Explain.
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