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he factory owner can choose between two technologies A and B: One uses capital and labor as complements yA = min [3k; 2l] and the other one as substitutes yB = k + 2l:
a. Draw the isocost lines of both technologies on the same diagram.
b. Denote price of capital with r and price of labor with w: For each technology, solve the cost minimization problem for each technology and derive the demands for factors for all levels of prices w and r:
c. Assume that in the long-run, the factory owner can freely switch between technologies. For which prices is technology A going to be used (i.e., for which prices, technology A is cheaper)?
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