Question: Hello! can you help me explain problem number 2? Thank you! [Questions 1-3] Consider a competitive industry with a large number of identical firms with

Hello! can you help me explain problem number 2? Thank you!

[Questions 1-3] Consider a competitive industry with a large number of identical firms with cost functions c(y) = y2 + 4. 1. What is the supply curve of an individual firm? A. S(p) = p B. S(p) = p/2 * * * C. S(p) = p2 D. S(p) = 12/2 2. What is the minimum price at which the product can be sold in the long run? A. $4 * * * B. $2 C. $3 D. $1

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