Jackson discovers that he can produce 200 pounds of pork by feeding his hogs the following

combinations of feed:

Combinations Quantity of Corn

(pounds)

Quantity of

Potatoes (pounds))

A 500 1650

B 550 1460

C 600 1280

D 650 1120

E 700 1060

F 750 1020

If the price of a pound of potatoes is half the price of a pound of corn, and corn sells for P

dollars per pound, what is the cost of each combination? What is the minimum-cost

combination? Plot isocost curves and the isoquant, showing the cost-minimizing

combination. (10 points total – 2 points each for the first two questions, and 6 points for

isoquant and isocost curves)

combinations of feed:

Combinations Quantity of Corn

(pounds)

Quantity of

Potatoes (pounds))

A 500 1650

B 550 1460

C 600 1280

D 650 1120

E 700 1060

F 750 1020

If the price of a pound of potatoes is half the price of a pound of corn, and corn sells for P

dollars per pound, what is the cost of each combination? What is the minimum-cost

combination? Plot isocost curves and the isoquant, showing the cost-minimizing

combination. (10 points total – 2 points each for the first two questions, and 6 points for

isoquant and isocost curves)