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Question 1 (20 points) (a) (10 points) For each of the two cost functions below, find the marginal cost function and the supply function S(P) (quantity supplied as a function of price P). Assume that half of the fixed costs, if any, are sunk. 1. C(q) = 4q2 - 2q + 32\fAssume that each rm in a perfectly competitive market faces the same long-run total oost function as in 2. above: (3(a) = 129' 492 + q\". Moreover the inverse demand function is P = 32 Q... where P is price, a is rm output, and Q is industry output. {h} (ll) points] Determine the long-run equilibrium Price P', industry output IQ" and the repre- sentative rm's output .9\". How many rms will be operative in the long run in this industry