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3. (15 points) A perfectly competitive firm's total cost function is given by c(y) = 100 + 5y 2 . Derive this firm's supply function.

3. (15 points) A perfectly competitive firm's total cost function is given by c(y) = 100 + 5y 2 . Derive this firm's supply function. Is this supply function for the short-run or the long-run? Graph all the relevant curves to illustrate your answer.

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