Cold Case, Inc., produces beverage containers used by fast food franchises. This is a perfectly competitive market. The following relation exists between the firm's beverage container output per hour and total production costs:
Total
Output Total
Cost
0 $35
1,000 85
2,000 145
3,000 215
4,000 295
5,000 385
6,000 485
7,000 610
(i) Construct a table showing the marginal cost of paper cup production.
(ii) What is the minimum price necessary for the company to supply one thousand cups?
(iii) How many cups would the company supply at industry prices of $75 and $100 per thousand?