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4. {25 points) Consider three rms out of a competitive industry. They have the following technologies: Cl = y2+9; 02 = 9'2 +y+9; Cg =

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4. {25 points) Consider three rms out of a competitive industry. They have the following technologies: Cl = y2+9; 02 = 9'2 +y+9; Cg = y2+2y+9. a. For each rm derive the SAC,SMC and AVC'. Show these curves on three graphs, one for each rm. b. Suppose that 'm the short run the market price is 7. Show each rm's prot on your graphs. Should all of these rms pmduce? Explain

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