Please explain in detail so i can further my understanding of this topic 1. The graph below has four isoquants and four isocost lines. Figure: Production isoquants Identify and explain which of the isoquants for M = 2 corresponds to decreasing, constant and increasing returns to scale relative to the M = 1 isoquant. Identify and explain what will happen to the expansion path in the diagram if the wage rate falls. Identify and explain what will happen to the expansion path in the diagram if the rental rate of capital falls. Suppose that the UK produces two types of goods, manufactures and food. Show and explain how each of these sectors can be in simultaneous equilibrium using a Lerner diagram..