. Label axis variables 10 . Identify curves 9 - for one isocost curve and one 8 isoquant draw an arrow to indicate direction of increase 6 . This particular firm's MRTS = 5 . Given wage is w = $1 we deduce 4 -price of capital is r = -this firm's isocost lines are given by the equation - N W C = . Draw the resulting new isocost lines 1 2 3 4 5 6 7 8 9 10 if the union doubles wages