2. Suppose there are 20 lowcost bakeries that can produce bagels in St. Catharines, each of which has the supply function qfow_cost = 20F 10 at prices no less than $0.5 and zero at prices below $0.5. There are 10 highcost bakeries, each of which has the supply function qmhwmt = 20F 20 at prices no less than $1 and zero otherwise. Calculate and graph the individual and market supply curves. 3. Suppose the daily demand function for pizza in St. Catharines is Qd = 1525 5P. For one pizza store, the variable cost of making q pizzas per day is C (q) = 36] + 0.01612, there is a $100 fixed cost, and the marginal cost is MC 2 3 + 0.02q. There is free entry in the long run. a) In the long run equilibrium, what is market equilibrium price? How many rms are there? What is the shortrun supply function in the longrun equilibrium