Levels Tought:
Elementary,Middle School,High School,College,University,PHD
Teaching Since: | Apr 2017 |
Last Sign in: | 270 Weeks Ago, 3 Days Ago |
Questions Answered: | 352 |
Tutorials Posted: | 351 |
MBA,PHD in Psychology
Northwest Florida State College
Jun-1992 - May-1997
Professor
Northwest Florida State College,
Aug-2006 - Nov-2015
7.  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.
Â
 Pounds of Grass 50 |
 Pounds of Grain 80 |
56 |
70 |
60 |
65 |
68 |
60 |
80 |
54 |
88 |
52 |
Â
a.   Plot the isoquant corresponding to the inputs necessary to sustain a 200-pound steer. Comment on its shape.
b.  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.
c.   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?
Hel-----------lo -----------Sir-----------/Ma-----------dam-----------Tha-----------nk -----------You----------- fo-----------r u-----------sin-----------g S-----------obt-----------ell----------- an-----------d a-----------cqu-----------isi-----------tio-----------n o-----------f m-----------y p-----------ost-----------ed -----------sol-----------uti-----------on.----------- Pl-----------eas-----------e p-----------ing----------- me----------- on----------- ch-----------at -----------I a-----------m o-----------nli-----------ne -----------or -----------inb-----------ox -----------me -----------a m-----------ess-----------age----------- I -----------wil-----------l b-----------e c-----------atc-----------h