10 . Label axes, curves, and directions 9 of increase 8 Suppose initially L = 4 and K = 4 and the union raises wages from $1 to $2.50 . Draw new curves to show - the precise effect on costs - a representative effect on output - NWAUO . Based on your representation, indicate the new quantities of labour and capital the firm will use - in your case is total cost of inputs O O 1 2 3 4 5 7 8 10 higher or lower than initially? Why will the effect on output be similar for both a product monopolist and a competitive firm