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4. Consider the following relation for total cost and answer the following questions: 1500=50L + 100K a) Find the isocost line. b) Draw the isocost

4. Consider the following relation for total cost and answer the following questions:

1500=50L + 100K

a) Find the isocost line.

b) Draw the isocost line of part (a) in a graph.

c) Suppose the total cost increase to 2000, find the new isocost line and draw it in the same graph.

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