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Category > Accounting Posted 24 May 2017 My Price 5.00

Plot the isoquant corresponding to the inputs necessary to sustain

  1. A 200-pound steer can be sustained on a diet calling for various proportions of grass and grain. These combinations are shown in the table.

 

 

Pounds ofGrass

50

 

Pounds ofGrain

80

56

70

60

65

68

60

80

54

88

52

 

    1. Plot the isoquant corresponding to the inputs necessary to sustain a 200-pound steer. Comment on its shape.

    2. The rancher’s cost of grass is $.10 per pound; the cost of grain is $.07 per pound. He prefers a feed mix of 68 pounds of grass and 60 pounds of grain. Is this a least-cost mix? If not, what is? Explain.

    3. The rancher believes there are constant returns to scale in fattening cattle. At current feed prices, what input quantities should he choose if he wants to raise the steer’s weight to 250 pounds?

Answers

Alpha Geek
(8)
Status NEW Posted 24 May 2017 08:05 AM My Price 5.00

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Attachments

file 1495615806-Answer.docx preview (174 words )
A----------- 20-----------0-p-----------oun-----------d s-----------tee-----------r c-----------an -----------be -----------sus-----------tai-----------ned----------- on----------- a -----------die-----------t c-----------all-----------ing----------- fo-----------r v-----------ari-----------ous----------- pr-----------opo-----------rti-----------ons----------- of----------- gr-----------ass----------- an-----------d g-----------rai-----------n. -----------The-----------se -----------com-----------bin-----------ati-----------ons----------- ar-----------e s-----------how-----------n i-----------n t-----------he -----------tab-----------le.----------- P-----------oun-----------ds -----------ofG-----------ras-----------s -----------50 -----------Pou-----------nds----------- of-----------Gra-----------in ----------- 80----------- 5-----------6 7-----------0 -----------60 -----------65 ----------- 68----------- 60----------- 8-----------0 5-----------4 -----------88 -----------52 ----------- Pl-----------ot -----------the----------- is-----------oqu-----------ant----------- co-----------rre-----------spo-----------ndi-----------ng -----------to -----------the----------- in-----------put-----------s n-----------ece-----------ssa-----------ry -----------to -----------sus-----------tai-----------n a----------- 20-----------0-p-----------oun-----------d s-----------tee-----------r. -----------Com-----------men-----------t o-----------n i-----------ts -----------sha-----------pe.----------- T-----------he -----------ran-----------che-----------râ€-----------™s -----------cos-----------t o-----------f g-----------ras-----------s i-----------s $-----------.10----------- pe-----------r p-----------oun-----------d; -----------the----------- co-----------st -----------of -----------gra-----------in -----------is -----------$.0-----------7 p-----------er -----------pou-----------nd.----------- He----------- pr-----------efe-----------rs -----------a f-----------eed----------- mi-----------x
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