A perfect competitive industry has 100 identical firms each of which has the following short run cost function
TC=10+1/300q²-0.2q²+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 = 0.2TC - 10
The industry supply function is:
Q = 100(0.2TC - 10)