You are given the following data: 240- Cost = C = $12,000.00 220- Q 200- w = $100.00 per unit of labor 180- r = $100.00 per unit of capital 160- These data are used to construct the isocost line (C') in the diagram to the right. X 140- Capital, I 120- Suppose the wage increases to $200.00 but that the firm chooses to keep using the 100- same amount of labor and capital to produce 200 units of output. 80- Given this new set of factor prices (w' = $200.00, r=$100.00), how much have costs 60- A changed if the set of input choices remains at point A? $ 6000 . (Enter a numeric 40- response using a real number rounded to two decimal places.) 20- 9= 200 Use the line drawing tool to draw a new isocost line showing an increase in w to $200.00, given the firm chooses to keep using the same amount of labor and capital 0 20 40 60 80 100 120 140 160 180 200 220 240 Labor, L to produce 2 Carefully folk X That's incorrect. The cost of production at point A is now $18,000.00 (from an original cost of $12,000.00 plus an increase in cost of $6,000.00). Along isocost line C , the firm can purchase a maximum of 180 units of capital (from $18,000.00 divided by a price of $100.00) or a maximum of 90 units of labor (from $18,000.00 divided by a price of $200.00). The new isocost line has a slope of - 2 (from w' 200.00 100.00 OKYou are given the following data: 240 Cost = C = $12,000.00 220- 200- w =$100.00 per unit of labor 180- r =$100.00 per unit of capital 160- These data are used to construct the isocost line (C') in the diagram to the right. Capital, K Suppose the wage increases to $200.00 but that the firm chooses to keep using the same amount of labor and capital to produce 200 units of output. Given this new set of factor prices (w' = $200.00, r =$100.00), how much have costs changed if the set of input choices remains at point A? $ 6000 . (Enter a numeric 40- response using a real number rounded to two decimal places.) 20- 9 = 200 Use the line drawing tool to draw a new isocost line showing an increase in w to $200.00, given the firm chooses to keep using the same amount of labor and capital 20 40 60 80 100 120 140 160 180 200 220 240 to produce 200 units of output. Label this line 'C-" Labor, L Carefully follow the instructions above, and only draw the required objects