This is related to economics.Draw an isocost curve, where total cost = $100, the price of coal is $10/ton, and the wage is 5$/hr.Draw a second isocost curve, where total cost = $100, the price of coal is $5/ton, and the wage is $10/hr.A) Which kinds of technologies are preferable under each price regime (labor- or resource-intensive)?b)Use these Isocost functions to explain the transition in production technologies during the technological and industrial revolutionC) Identify the set of production technologies on your graph that are favorable under each priceregime. (It may be helpful to draw a couple more sets of isocost functions, e.g., total cost = $50, $200.)The graph should look something like this