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4. Suppose sweaters can be produced employing tailors T and/ or sewing machines M. Tailors receive a wage of w = 5 per hour while the rental rate of sewing machines is r = 30 per hour. 10 sweaters can be produced by 30 tailors in an hour, or, by 5 machines, assuming tailors and sewing machines constitute perfect substitutes in input. (a) Draw isoquants for Q, (T, M) = 10 and Q2(T, M) = 20. (b) To produce 10 sweaters, the company employs 6 tailors and 4 machine hours. Calcu- late the total production cost for 10 sweaters and add the corresponding isocost line to your drawing from (a). (c) Which input combination(s) will optimize production ? (Use your graphs to find the solution.) (d) Can you find a suitable production function to describe the production of sweaters? Can you find another production function? (e) How would input choice change, if the rental rate of machines would rise to 35?4. Suppose sweaters can be produced employing tailors T and/ or sewing machines M. Tailors receive a wage of w = 5 per hour while the rental rate of sewing machines is r = 30 per hour. 10 sweaters can be produced by 30 tailors in an hour, or, by 5 machines, assuming tailors and sewing machines constitute perfect substitutes in input. (a) Draw isoquants for Q, (T, M) = 10 and Q2(T, M) = 20. (b) To produce 10 sweaters, the company employs 6 tailors and 4 machine hours. Calcu- late the total production cost for 10 sweaters and add the corresponding isocost line to your drawing from (a). (c) Which input combination(s) will optimize production ? (Use your graphs to find the solution.) (d) Can you find a suitable production function to describe the production of sweaters? Can you find another production function? (e) How would input choice change, if the rental rate of machines would rise to 35