Industry supply curves (denoted S(p)) can be derived easily from the supply curves for individual firms (denoted s;(p) for firm i): simply add the quantity supplied for each firm

Industry supply curves (denoted S(p)) can be derived easily from the supply curves for individual firms (denoted s;(p) for firm i): simply add the quantity supplied for each firm. However, industry supply curves sometimes have kinks if the individual firms have different supply curves, so be sure to consider how many firms will be in the market at any given price. 1st attempt Part 1 (1 point) Suppose that there are three firms in an industry with the following supply functions: si(n) = p 52(p) = 1p 53(p) = 7p. What is the industry supply function? Choose one: O A. S(p) = pif p 7 OB. S(p) = pif p 7 O C. S(p) = 7p O D. S(p) = 9p
Part 2 (1 point) Suppose an industry has two firms with the following supply functions: si(p) = 1p S2(p) = p - 2. What is the industry supply function? Choose one: O A S(p) = 1pif p 2 OB. S(p) = 2p - 2 O C. S(p) = 1p - 2 OD. S(p) = 1pif p 2
Part 3 (1 point) Consider an industry with 52 firms that have identical individual supply functions, s?(p) = p – 4, and 113 firms that have identical individual supply functions, S2(p) = 2p - 6. What is the industry supply? Choose one: O A. S(p) = 0 if p 4 OB. S(p) = 0 if p 4 C. S(p) = 3p – 10 D. S(p) = 278p – 886