A firm is producing its output based on the following cost schedule. How many units of output should it produce when the price of the product is $70, $85, or $95, respectively, and what is the firm's short-run supply curve?
|
Total Product
|
Fixed Cost
|
Variable Cost
|
Total Cost
|
Average Total Cost
|
Average Fixed Cost
|
Average Variable Cost
|
Marginal Cost
|
|
0
|
100
|
0
|
100
|
|
|
|
|
|
1
|
100
|
90
|
190
|
190.0
|
100.0
|
90.0
|
90
|
|
2
|
100
|
170
|
270
|
135.0
|
50.0
|
85.0
|
80
|
|
3
|
100
|
240
|
340
|
113.3
|
33.3
|
80.0
|
70
|
|
4
|
100
|
300
|
400
|
100.0
|
25.0
|
75.0
|
60
|
|
5
|
100
|
380
|
480
|
96.0
|
20.0
|
76.0
|
80
|
|
6
|
100
|
470
|
570
|
95.0
|
16.7
|
78.3
|
90
|
|
7
|
100
|
570
|
670
|
95.7
|
14.3
|
81.4
|
100
|
|
8
|
100
|
680
|
780
|
97.5
|
12.5
|
85.0
|
110
|
|
9
|
100
|
800
|
900
|
100.0
|
11.1
|
88.9
|
120
|
|
10
|
100
|
930
|
1030
|
103.0
|
10.0
|
93.0
|
130
|