Part II The [SOCDST [15 points] Let the Budget of the rm for the inputs be designated in Pesos 43000 as TC : Let the Price ofLabor be equal to wage {w} in Pesos 500 Let the price of capital be equal to rent [r] in Pesos 1230 Instructions: [This is similar to determining the budget line) 1. Specify the Isocost Equation by substituting the given values above into TC = wL + rK; leave L 81 K as is, do not replace yet. 2. Determine the endpoints by using: L = TClw: K = TCIr , Show your solution. 3. Determine 5 more combinations between the endpoints by using the lsocost Equation specied above. Present the table for this as: Units of Labor Units of Capital (L) (R) 1a {endpoint} 1b. 2a 2b 33 3b 4a 4b 5a 5b 6a 6b 7a 7b [endpoint] 4. Construct a graph, where the vertical axis is labeled as K, the horizontal axis as L. 5. Plot the 7 combinations in the constructed graph. 6. Determine the slope of this Isocost, show your solution