Economic

You shift production into handcrafted tables. Your short-run total cost function is given by TC = Q3 - 1202 + 100Q + 1000, where Q is the number of tables you produce. Knowing this: a. What are your marginal and fixed costs of production? b. What are your short-run average variable costs of production? c. If tables sell for $60, how many tables should you make? I d. If the price of tables rises to $79, how many tables should you make