Question 4 (5 marks) 1. The following shows different technologies for producing 100 metres of cloth. Technology Number of workers Coal required (tonnes) A 5 2 B 7 3 C 3 4 D 4 6 E 2 7 F 8 5 a) Assuming the wage is $7, and the cost of coal is $7 per tonne, calculate the total cost of different technologies for producing 100 metres of cloth. What is least cost technology/technologies? Sketch the isocost lines for these input prices on a graph representing technologies. (2 marks) Your answer. b) Now assume the wage increases to $14 and the cost of coal is $7 per tonne, calculate the total cost of different technologies for producing 100 metres of cloth. What is least cost technology? Sketch the isocost lines for the new input prices on a new graph representing technologies. (1 mark) Your answer. c) What is the economic rent (or benefits to firms) from adopting the new technology when the wage increases from $7 to $14? Include the definition of economic rent in your answer. (2 marks) Your