Draw and explain the effect on the isocost curve

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Reference no: EM131493114

Question: When there are 2 inputs K, L, given the price of capital (PK)= 10 and price of labour (PL)=20. Total Expenditure C=100. Draw and explain the effect on the isocost curve in case of the following:-

(i) decrease in price of labour (PL)=10

(ii) increase in the price of capital (PK)= 20

(iii) decrease in the price of capital (PK)= 5

(iv) increase in the firms budget with no change in the price of labour and capital.

Reference no: EM131493114

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