Suppose that a firm can hire workers (L) for $12 per hour or rent capital (K) for $7 per hour.

1. Write expression of this firm's total cost as a function of labor and capital
2. Assume that this firm wishes to hold its total costs to exactly $100. Use your answer from the previous question to find the equation for an isocost line corresponding to exactly $100 of costs. Rearrange your equation to isolate capital. Graph the equation for the isocost line with labor (L) on the horizontal axis and capital (K) on the vertical axis.