Suppose initially L-4 and K-4 and the union raises wages from $1 to $2.50 Draw new curves to show - the precise effect on costs a representative effect on output yo Based on your representation, indicate the new quantities of labour and capital the firm will use Visocost kine - in your case is total cost of input higher or lower than initially? 1 3 2 10 L 4 9 6 5 7 8 Why will the effect on output be similar for both a product monopolist and a competitive firm? 10 80 +10 9 Q