1.The following details list the combinations of Labor and Capital that produce 8 units of output. Draw the Isoquant that links these 3 individual combinations:

Label Labor (L) Capital (K)

A 1 3

B 1.5 1.5

C 3 1

a.Add an Isocost Curve to the graph, such that the region between points B and C from Part (ii) is tangent to the Isoquant. (no numbers required, just show where isocost would be tangent)