Suppose a firm has the following production function: X = K1/4L 1/4 and wk = wL = $1. a. Derive the firm's long-run supply curve. b. Suppose K is held fixed at 1. Derive the short-run supply curve. Which is more elastic, the short-run or the long-run supply curve? For what output level is K = 1 the optimal plant size? c. Suppose k is fixed at 2. Compare the short-run cost curve with that in 'b' above both for slope (marginal cost) and intercept