In Problem 5 , what is the market price of paper and the quantity produced in the long run? How many producers of paper will operate in the market in the long run?

Problem 5

The market for paper is perfectly competitive and 1,000 firms produce paper. The table sets out the market demand schedule for paper.The table in the next column sets out the costs of each producer of paper.
Calculate the market price, the market output, the quantity produced by each firm, and the firm’s economic profit or loss.

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Price (dollars per box) 3.65 5.20 6.80 8.40 10.00 11.60 13.20 Quantity demanded (thousands of boxes per week) 500 450 400 350 300 250 200