Industry Supply Suppose that there are two types of firms in a perfectly competitive market for widgets (w). Firms of type A have costs given by CA(w) = 5w^2 + 2w + 10. Firms of type B have costs given by CB(w) = 3w^2 + 5. There are 100 firms of type A and 180 firms of type B. (a) What are the individual firm supply functions for each type type of firm (SA(p) and SB(p)? Are there any prices at which no firms produce? Are there any prices at which some firms produce but others do not? (b) What is the industry supply function? Graph the industry supply function and be certain to label any kinks and all relevant slopes. (c) Suppose that in the long run, when firms can adjust all inputs, all firms have the following cost function: C(w) = w^3 20w^2 + 110w. The market demand for widgets is still given by D(p) = 1000 p. What must the price of widgets be in the long run equilibrium? How many firms will there be producing widgets?