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Suppose there are 1,000 identical firms producing diamonds and the total cost curve for each firm is given by: C = q 2 + wq

Suppose there are 1,000 identical firms producing diamonds and the total cost curve for each firm is given by: C = q² + wq

where q is the firm's output level and w is the wage rate of diamond cutters.

(a) Calculate the firm's profit function, (w, p).

(b) If w = 10, what will be the firm's short-run supply curve and the industry's supply curve?

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