The bicycle industry is made up of 100 firms with the long-run cost curve c(y) = 2 + (y2/2) and 60 firms with the long-run cost curve c(y) = y2/10. No new firms can enter the industry. What is the long-run industry supply curve at prices greater than $2?

Explanation:

Given that ;

The total cost for 100 firms is TC :

The marginal cost of one firm will be:

So; Now , the marginal cost for the all 100 firms  is

The total cost for 60 firms is

The marginal cost of one firm will be:

The marginal cost for all the 60 firms will now be:

Finally; the long run supply function is industry supply function and which is therefore determined as :

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explanation:

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