When completing the industry analysis you should assume that firms are engaged in lCournot Competition. Step 1: Using the information provided in the scenario. derive a total cost function for a typical cardboard box manufacturer. Use 0,: to denote the quantity produced by the typical firm. Step 2: Deriye a profit function for the typical firm. Use X to denote the combined production of the remaining three firms in the market. Step 3: Find the profit of the typical firm if all firm's in the market sell at the current market price of $30. Step 4: Find the consumer surplus if all firm's in the market sell at the current market price of $30. ' Step 5: Deriye the typical firm's bestresponse function. . Step 6: Find the equilibrium quantity and profit for the typical firm. Step 7\": Find the equilibrium price and consumer surplus. '5. In Autarka, cardboard boxes are sold in bundles of 100. At present, the market price for a bundle of boxes is $30. The technology for manufacturing cardboard boxes is readily available and common to all manufacturers. The cost of plant and machinery for a firm in the box manufacturing business is $7,000,000 per year. The labour, material, and energy cost of producing a bundle of 100 boxes is $20. A market study indicates that demand for cardboard boxes is given by the function, Q P = 40 - 500,000' where P represents the price of a bundle of 100 boxes, and Q is the total number of bundles of boxes sold each year