1. The rm \"Best Widgets' technology is described by y = 2271 + $2. It operates in a perfectly competitive market. (a) Suppose 101 = 2 and 71,72 2 1. Derive the long run supply curve of this rm. What are its long run prots? (b) Suppose the price of the second input rises to 2 dollars per unit. What is the long run supply curve now? What are its long run prots? (0) \"Nasty Plastics\" is another rm operating in the same competitive market. this rm's tech nology is represented by the production function y = 472/5331/5333/5. Suppose NP is around only when an = 2 and 102 = 1. Answer part (a) for NP. 2. Consider again the rm \"Best Widgets\" from problem 1. In the short run, 333 = 1. Find the MC, AVG, ATC, and the short run supply in each of the two cases above, and determine what are the rm's short run prots