3. Every problem in economics can be described as "someone chooses something to max- imize/minimize something else, possibly given some constraint." Answer the following questions about the production (supply) side in the long run. (a) (2 Points) Who is choosing? (b) (2 Points) What are they choosing? (c) (2 Points) What are they trying to minimize? (d) (2 Points) What is their constraint? 4. (4 Points) What is the difference between the short run and the long run, as defined by the choices that firms can make? 5. (6 Points) What are the two important benefits firms get from being able to freely choose the amount of capital K they use in the long run? 6. (3 Points) What is an isoquant