Question

# 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)

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