A firm has the following short$-$run cost function: $()=10+4+1$

$22$

A$)$ Solve for the firm$$s short$-$run supply function $(())$ that specifies the profit maximizing level of output as a

function of the price $().$ You must show work to receive credit. $(6$ points$)$

B$)$ The elasticity of supply $()$ measures how much the quantity supplied changes $($in percentage terms$)$ in response to a

$1\%$ increase in the price $().$ If the firm in part $($A$)$ above is producing a positive amount of output $(>0),$ circle the

statement that is true about this firm$$s elasticity of supply $()($you must show work to receive credit$)$: $(5$ points$)$

a$)$ The firm$$s elasticity of supply is always equal to $1(=1)$

b$)$ The firm$$s elasticity of supply is always less than $1(<1)$

c$)$ The firm$$s elasticity of supply is always greater than $1(>1)$

d$)$ Depending on the price, the firm$$s elasticity of supply can be greater than $1,$ equal to $1,$ or less than $1$