Sh55 Supply in a Competitive Market — End of Chapter ProblemHack's Berries faces a short-run total cost of production given byTC = Q³ - 12Q² + 100Q + 1,000where Q is the number of crates of berries produced per day.a. What is Hack's fixed cost (FC)?b. What is the equation for Hack's short-run average variablecost (AVC)?c. If berries sell for $60 per crate, how many berries shouldHack produce?(Hint: must first find minimum AVC - recalltwo ways to find this learned in Unit 3)FC = $AVC=5.63Incorrect100012Q + 100crates

Total cost is the sum of fixed cost and variable cost. Fixed cost are the cost that doesn't change…

Answered: c. If berries sell for $60 per crate,…

c. If berries sell for $60 per crate, how many berries should produce?(Hint: must first find minimum AVC - recall two ways to find this learned in Unit 3) Hack

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Sh55

Supply in a Competitive Market — End of Chapter Problem
Hack's Berries faces a short-run total cost of production given by
TC = Q³ - 12Q² + 100Q + 1,000
where Q is the number of crates of berries produced per day.
a. What is Hack's fixed cost (FC)?
b. What is the equation for Hack's short-run average variable
cost (AVC)?
c. If berries sell for $60 per crate, how many berries should
Hack produce?(Hint: must first find minimum AVC - recall
two ways to find this learned in Unit 3)
FC = $
AVC=
5.63
Incorrect
1000
12Q + 100
crates

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