Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question One Hack's Berries faces a short-run total cost production function of: TC = Q 3 -12Q 2 + 100Q +1000 Q is the number

Question One

Hack's Berries faces a short-run total cost production function of:

TC = Q3 -12Q2 + 100Q +1000

Q is the number of crates of berries produced per day.

  1. What is Hack's marginal cost?

  1. What is the level of Hack's fixed costs?

  1. What is Hack's short-run average variable cost of producing berries?

  1. If berries sell for $60 a crate, how many berries should Hack produce? (Hint think about the relationship between MC and AVC when AVC is at its minimum.)

  1. If the price of berries is $79 per crate, how many berries should Hack produce?Explain?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essays In Our Changing Order

Authors: Thorstein Veblen

1st Edition

1351311425, 9781351311427

More Books

Students also viewed these Economics questions

Question

List what should be reflected on forecasted financial statements.

Answered: 1 week ago

Question

Summarize the findings of psychotherapy efficacy studies.

Answered: 1 week ago