The representative firm's short run supply function is:
q = (1/600)TC - (1/150)
The industry supply function is:
Q = 100((1/600)TC - (1/150))
A perfect competitive industry has 100 identical firms each of which has the following short run cost function
TC=10+1/300q²-0.2+4q
Find the representative firms short run supply function.
What is the industry supply function
1 answer
1 answer