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Please answer the following miscellaneous questions about production and explain. a) Cost function is C(q)=10q^2+1000. What is the short run supply curve? what is its
Please answer the following miscellaneous questions about production and explain.
a) Cost function is C(q)=10q^2+1000. What is the short run supply curve? what is its long run supply curve?
b) If the supply curves of firm 1 and firm 2 are, respectively, S1=p-10 and S2=p-15, at what price does the industry supply curve have a kink in it?
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