Consider a competitive industry with a large number of rms, all of which have identical cost functions c(y) = y2 + 1 for y > 0 and c(0) = 0. Suppose that initially the demand curve for this industry is given by D(p) = 52 p (The output of a rm does not have to be an integer number, but the number of rms does have to be an integer.) (a) What is the supply curve of an individual rm? S(p) = If there are n rms in the industry, what will be the industry supply curve? . (b) What is the smallest price at which the product can be sold?