Let the Budget of the firm for the inputs be in Pesos 48000 designated as TC : Let the Price of Labor be equal to wage (w) in Pesos 600 Let the price of capital be equal to rent (r) in Pesos 1200 nstructions: (This is similar to determining the budget line) 1. Specify the Isocost Equation by substituting the given values above into TC = wL + rK; leave L& K as is, do not replace yet. %3D 2. Determine the endpoints by using : L= TC/w; K = TC/r, Show your solution. 3. Determine 5 more combinations between the endpoints by using the Isocost Equation specified above. Present the table for this Units of Labor Units of Capital (L) (K) la (endpoint) 1b. 2a 2b За 3b 4a 4b 5a 5b ba 6b Ja 7b (endpoint)

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