Crowdly
Add to Chrome
Use the table below to answer the following question. Table 11.4.1 Ref...
✅ The verified answer to this question is available below. Our community-reviewed solutions help you understand the material better.
Use the table below to answer the following question.
Refer to Table 11.4.1. The top table shows the market demand schedule for paper. The market is perfectly competitive and there are 1,000 firms that produce paper. Each firm has the costs shown in the bottom table when it uses its least-cost plant. The market price in the long run is ________ a box and the equilibrium quantity produced in the long run is ________ boxes a week.
Table 11.4.1
| Price(dollars per box) | Quantity demanded(thousands of boxes per week) |
| 3.65 | 500 |
| 5.20 | 450 |
| 6.80 | 400 |
| 8.40 | 350 |
| 10.00 | 300 |
| 11.60 | 250 |
| 13.20 | 200 |
| Quantity(boxes per week) | Marginal cost(dollars per additional box) | Averagevariable cost(dollars per box) | Averagetotal cost(dollars per box) |
| 200 | 6.40 | 7.80 | 12.80 |
| 250 | 7.00 | 7.00 | 11.00 |
| 300 | 7.65 | 7.10 | 10.43 |
| 350 | 8.40 | 7.20 | 10.06 |
| 400 | 10.00 | 7.50 | 10.00 |
| 450 | 12.40 | 8.00 | 10.22 |
| 500 | 20.70 | 9.00 | 11.00 |
❌
❌
0%
0%
0%