3. [n the long run in a perfectly competitive market, price equals marginal cost and firms earn no economic prots. The following two equations describe this longrun situation for prices and costs, where the coefficients indicate the amounts of each input (labor and land) needed to produce a widget or a yard of cloth: PM,\" = 6w + 41' P = 4w + 2.?" cloth a. Assume the equations above apply to all countries, i.e., each factor has the same productivity in all countries and all countries have the same technology. If the international price of a widget is $50 and the international price of a yard of cloth is $30, what are the values for the wage rate (w) and the rental rate (r)? Now suppose that technology can differ between countries and that CountryA has better technology than Country B so that fewer resources are required to produce a unit of output. Country A Countgg B PM,\" = 3w + 21' PM,\"I = 6w + 41" mm; = 2w + 13\" Pm; = 4w + 23" b. [fthe international price ofa widget is $50 and the international price ofa yard ofcloth is $30, what are the values for the wage rate (w) and the rental rate (r) in Country A? c. If some countries use better technology than others, will trade equalize factor prices? Briey explain