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The following production table provides estimates of the maximum amounts of output possible with different combinations of two input factors, X and Y. (Assume these are just illustrative points on a spectrum of continuous input combinations.)
Estimated Output per Day
5
184
265
334
395
440
4
176
248
303
352
3
164
216
264
2
128
1
88
a. List the different combinations of inputs X and Y that, if graphed, would illustrate an isoquant for an output of 176.
b. Assuming that output sells for $3 per unit and X is fixed at 5 units, complete the following table:
Units of Y employed
Total Product
Of Y
Marginal Product of Y
Value Marginal Product of Y
69
183
c. Assuming the cost of Y is $200 per unit, how many units of Y should optimally be employed? Explain how you reached your answer.
d. Suppose that the cost of units of both input X and input Y are the same at $200 per day. Describe how isocost curves for a cost of $200 and also for a cost of $270 would look in terms of position and slope.
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