If Sl (p) = p- 10 and S2(p) = p- 15, then at what price does the industry
supply curve have a kink in it? Show your working clearly
The industry supply curve has a kink at the price where Sl(p) and S2(p) intersect.
To find the price at which Sl(p) and S2(p) intersect, we need to solve the equation Sl(p) = S2(p).
Sl(p) = p - 10
S2(p) = p - 15
Substituting Sl(p) and S2(p) into the equation, we get:
p - 10 = p - 15
Solving for p, we get:
p = 5
Therefore, the industry supply curve has a kink at a price of 5.