Question: Assume the short run variable cost function for Japanese beer is VC=0.55q^0.8 If the fixed cost(F) is $1200 and the firm produces 400 units, determine

Assume the short run variable cost function for Japanese beer is

VC=0.55q^0.8

If the fixed cost(F) is $1200 and the firm produces 400 units, determine the total cost of production(C), the variable cost of production(VC), the marginal cost of production(MC), the average fixed cost of production(AFC), and the average variable cost of production(AVC). What happens to these costs if the firm increases its output to 450?

Assuming the firm produces 400 units, the variable cost of production(VC) is

VC=_____ (Enter your response rounded to two decimalplaces.)

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