Solved: What is the level of hacks fixed cost, Microeconomics

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What is the level of hacks fixed cost

Problem

Hack's Berries faces a short-run total cost of production given by TC = Q³ - 12Q² + 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? [Hint: You may want to carefully graph the AVC function you derived in part (b).]

d. If the price of berries is $73, should Hack be producing berries? Explain.

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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