Consider a competitive industry with a large number of firms, all of which have identical cost functions c(y) = y2  + 1 if y > 0 and c(y) = 0 if y = 0. The demand curve for this industry is D(p)= 52-p. 1. Find marginal cost and average cost functions. 2. What is the competitive price in this market? 3. What will be the number of firms in the industry?

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