The market demand schedule for cassettes is as follows: (See below)

The market is perfectly competitive, and each firm has the following cost structure: (See below)

There are 1000 firms in the industry.

a. What is market price?
b. What is the industry's output?
c. What is the output produced by each firm?
d. What is the economic profit made by each firm?
Also: What is the shut-down point?
e. Do firms enter or exit the industry?
Also: What is the long-run equilibrium price?
f. What is the number of firms in the long run?

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Quantity demanded, SR Industry Demand Price 3.65 5.20 6.80 8.40 10.00 11.60 13.20 14.80 Output,Qs Supported firms Supply price Qd 250,000 300,000 350,000 400,000 450,000 500,000 450,000 $ 400,000 S 7.00 7.65 350,000 S 8.40 10.00 12.40 12.70 750 250,000 $ 200,000 $ 150,000