2. Consider a perfectly competitive industry, where all firms in the industry are identical. The typical firm produces output using the total cost function: TC(q)=4q36q2+12q+32TC(q)=4q36q2+12q+32. The perfectly competitive price is equal to P = 36.

Part (a): What is the firms supply equation? Be sure to include all relevant details. Assume it is possible for the firm to produce partial units of output (for example, q = 0.5). If necessary, round to 2 decimal places.

Part (b): How much output does each firm produce? Hint: bb24ac2abb24ac2a

Part (c): At the profit-max level of output, does the firm exhibit economies, diseconomies, or neither economies or diseconomies of scale?

2. Consider a perfectly competitive industry, where all firms in the industry are identical. The typical firm produces output using the total cost function: TC (q) = 4q3 6q2 + 12q + 32. The perfectly competitive price is equal to P = 36. Part (a): What is the firm's supply equation? Be sure to include all relevant details. Assume it is possible for the firm to produce partial units of output (for example, q = 0.5). If necessary, round to 2 decimal places. Part (b): How much output does each firm produce? Hint: -6+V62-4ac 2a Part (c): At the profit-max level of output, does the firm exhibit economies, diseconomies, or neither economies or diseconomies of scale