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NOTE: All work must be shown on the paper; otherwise the mark will be zero. Pottsville Hats produces 300 hats with a budget of $3,000. The price of capital is $10 and the price of labour is $ 30. Illustrate the long run and short run adjustments to the capital labour ratio when the price of labour decreases to $10. 300 Capital 280 300 260 350 240 220 200 400 180 80 160 140 120 100 80 60 40 20 0 20 40 60 80 100 120 140 160 180 200 220 240 260 280 300 LabourOriginal cost of a hat (1 mark) With the price decrease in labour, how many hats could you produce with the same budget? (1 mark) What would be the cost of a hat? $ 2 marks) Assume the firm is committed to maintaining its output of 300 hats What will be the new cost in the short run after the price decrease in labour? $ (2 marks) What will be the new cost in the long run after the price decrease in labour? $ (2 marks) Why the difference in cost between the short run and long run. (2 marks)