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(4 marks) Suppose that technological progress reduced the price of coal to $10. What is the new isocost equation for the cost of $80? Write

(4 marks) Suppose that technological progress reduced the price of coal to $10. What is the new isocost equation for the cost of $80? Write an equation in the standard form, making R the subject of the equation. Draw isocost lines from parts a) and b) on the same diagram, placing L on the horizontal axis and R on the vertical axis. Clearly label your intercepts.

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