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A perfect competitive industry has 100 identical firms each of which has the following short run cost function

TC=10+1/300q²-0.2+4q
Find the representative firms short run supply function.
What is the industry supply function

The representative firm's short run supply function is:

q = (1/600)TC - (1/150)

The industry supply function is:

Q = 100((1/600)TC - (1/150))

Did you know?

Did you know that in a perfectly competitive industry with 100 identical firms, each firm has a specific short run cost function? This cost function helps the firms determine their total cost (TC) based on their production level (q) and a few other factors. By using this cost function, the firms can find their individual short run supply function, which represents the quantity they are willing and able to supply at various prices. Additionally, when we combine the short run supply functions of all 100 firms, we get the industry supply function. This industry supply function shows the total quantity that the entire industry is willing and able to produce at different prices. Understanding these functions is important for analyzing market dynamics and making informed decisions in the business world.