1. Suppose that there are M firms in the market, each characterized by a unique 2-input strictly concave production function. The inputs are labor and capital. Assume that M is sufficiently great that the market in which the firms sell can be regarded as perfectly competitive. (a) Characterize each firm's cost function. (b) Characterize each firm's supply function. (c) Characterize the market supply function. (d) characterize the effect of an increase in the rental cost of capital on the market supply (e.g., the quantity brought to market). Explain briefly the steps taken and the logic of the overall characterization of the market supply.