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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?

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