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Carefully observe Figure 1 below. K (Capital) L(Labour) Figure 1 (a) What assumption does Figure 1 make about the nature of the production function of a firm and what does point A represent? Explain your answer. lb) Reproduce Figure 1 provided in the question. By making appropriate inferences from it, work further to show a new isocost line for the cost level of $1000 on the same figure, if wages fall by 10% while the rental rate on capital increases by 20%. Explain your work carefully. (C) What input combination will the firm use to produce output level of 100, if wages fall by 10% while the rental rate on capital increases by 20%? Explain your answer. Note: As stated at the beginning, in addition to the three questions above, 5 marks are ofiocoted towards the quoiity of writing