Harolds' is one of many identical firms in the highly competitive egg hatching industry. Its cost function is given by: TC = (1/4)y²+ 1
i)Give an equation for the firm's short- run supply curve.
ii)Give an equation for the industry's long- run supply curve.
iii)If the demand for egg hatching is given by Q = 108 - 12p how many firms will there be in the egg hatching industry in the long- run competitive equilibrium?
iv)How much profits will a typical firm make in the long- run equilibrium? How much producer's surplus?

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The Answer of Harolds' is one of many identical firms in the highly competitive egg hatching industry. Its cost function is given by: TC = (1/4)y²+ 1 i)Give an equation for the firm's short- run supply curve. ii)Give an equation for the industry's long- run supply curve. iii)If the demand for egg hatching is given by Q = 108 - 12p how many firms will there be in the egg hatching industry in the long- run competitive equilibrium? iv)How much profits will a typical firm make in the long- run equilibrium? How much producer's surplus?

Harolds' Is One of Many Identical Firms in the Highly