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4. The long-run adjustment to the capital labour ratio is illustrated on Figure 1. (below) The price of labour is $20 and the price of

4. The long-run adjustment to the capital labour ratio is illustrated on Figure 1. (below) The price of labour is $20 and the price of capital is $20. The firm is committed to producing an output of 20 units. Total Costs = $400. (12 marks) K 29 Figure 1 Point G, 12L, Point F, 9K 5L, 10K TP = 10 Point E, 15L, 5K TP = 20 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 L

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