1. The rm \"Best Widgets' technology is described by y = 2231 + :52. It Operates in a perfectly competitive market. (a) Suppose wl = 2 and 'LU2 = 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 2/5 1/5 2/5 nology is represented by the production function y = 4 3:1 3:2 . Suppose NP is around only when wl = 2 and U12 = 1. Answer part (a) for NP