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I need some help on below question with explanations. . In 2016, a producer had technology 1 and faced the situation depicted by the graph

I need some help on below question with explanations.

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. In 2016, a producer had technology 1 and faced the situation depicted by the graph at le. Q = 160 units of output were produced with input bundle A: 10 units of labor, and 300 units of capital. Units of 1300 K capital 900 (K) A 300 Q = 160 = 150 (technology 2) 30 \"\"\"\"\"\" (technology 1) L 10 15 Units of 10 13 labor (L) a. Ifthe price of labor is w = $100lunit and the price of capital is r = $1lunit, how much was the total cost of production for 160 units? Label the White accordingly. (4 points) In 2019, the producer obtains a new production technology where Q = 160 is on the isoquant depicted at right, above. Assume input prices are unchanged, and there is no cost to switch to technology 2. b. Assuming the producer chooses its production technology and input bundle to minimize costs, how do you think it will produce Q = 160 units in 2019? How much will this cost? (5 points)

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