help with this please

Tonnes of coal l' N w L U"! 0\\ MI a: NO 123456789101112131415 Number of workers 1. Explain, in your own words, what an isocost line represents and why they are useful. (3 points) Currently, the price of a day's coal is 20, and the price of a worker's labour input (the daily wage] is 10. But due to the Industrial Revolution, the price of coal now falls to 8 per day. 2. Assuming the workers' wages stay the same in absolute terms, what is the new relative price of labour? Explain your answer. (4 points} 3. What will happen to the isocost line fora cost 2 80 lie. the one shown on the above diagram)? Explain your answer, and state clearly where the new horizontal intercept will be on the y axis. (5 points)