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1a. Suppose labor and capital are perfect substitutes. Draw isoquants depicting this. 1b. Now suppose labor and capital are perfect substitutes. Draw isoquants depicting this.

1a. Suppose labor and capital are perfect substitutes. Draw isoquants depicting this.

1b. Now suppose labor and capital are perfect substitutes. Draw isoquants depicting this.

1c. Explain intuitively what perfect substitutes and complements mean in this context and why that makes the graphs take the shapes they have.

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