Calculate the intercepts of the isocost line with capital

Reference no: EM133630528

Question: Suppose that a firm has a fixed budget of $10,000 in producing 500 faucets. The firm incurs only capital and labor costs. If the cost to rent capital is $400 per hour and the wage rate of labor is $50 per hour. Calculate the intercepts of the isocost line with capital represented on the Y axis and labor on the X axis.

Reference no: EM133630528

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