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Q2) Consider an industry with the following structure. There are 50 firms that behave in a competitive manner and have identical cost functions given by C(y) = y /2. There is one monopolist that has 0 marginal cost. The demand curve for the product is given by D(p) = 1,000 -50p (a) What is the supply curve of one of the competitive firms? Find the total supply from the competitive sector at price p. [2 points] (b) Find the monopolist's profit maximizing output. What is the monopolist's profit- maximizing price? How much output will the competitive sector provide at this price? What will be the total amount of output sold in this industry? [ 3 points]