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7. INDUSTRY SUPPLY (10 POINTS) There are 2 types of firms in the perfectly competitive widget industry. Type-1 firms have a long-run total cost function of c (y) = 3 2 + 4 ify >0 0 if y = 0 and Type-2 firms have a long-run total cost function of C2 (y )= 8 + ify >0 0 if y = 0 (a) (5 POINTS) Derive an expression for the long-run supply functions for each type of firm. (b) (3 POINTS) What is the long-run industry supply function if there are 100 Type-1 firms and 60 Type-2 firms in the widget industry? (c) (2 POINTS) How many widgets will be produced if the market price is 3