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. 3on Capital 280 300 260 350 240 220 200 400 180 80 160 140 120 100 50 TEXT 200 220 240 LabourOriginal cost of a hat With the price decrease in labour, how many hats could you produce with the same budget? What would be the cost of a hat? S 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? $ What will be the new cost in the long run after the price decrease in labour? $ - ( Why the difference in cost between the short run and long run