Find the slope of the isocost line

Reference no: EM131777548

Question: Please answer the question clearly with all steps, clear hand writing, and with explanation, that is very important!

A firm has $30 to spend on labor and capital. Labor costs (w) $3 per unit and capital costs (r) $5 per unit.

(a) Find the equation for the isocost and graph it.

(b) Find the slope of the isocost line.

Reference no: EM131777548

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