Q2. Suppose a typical, perfectly competitive, widget producer's long-run cost function is given by C(q)=wq210q+100 Where q is the firm's output and w is the wage rate it must pay demand for widgets is given by Q=40,0001,000P Where Q is the market demand and P is the market price. a. Suppose the initial wage rate is $1. What will be the typical firms' long-run output? (Hint: the long run output should be the quantity that minimizes the Average Cost.) b. What will be the long-run price of widgets? How many firms will be operating? c. Suppose the wage rate went up to $4. What would be your answers to a) and b)